UC RUSAL announces operating results for the first quarter 2015

UC Rusal, a leading global aluminium producer, announces its operating results for the first quarter 2015 (“1Q15”).

Key highlights

• 1Q2015 total aluminium output amounted to 900 thousand tons (-2% QoQ and +2% YoY). The company maintains production discipline in accordance with the previously provided guidance.
• 1Q15 sales volumes amounted to 942 thousand tons (+7.7% QoQ). The company increased sales last quarter to compensate for shipment delays caused by port weather conditions in October-November 2014.
• The average realized price went down 5.7% QoQ to $2,282/t driven by lower LME cash price and declining physical premium across key export markets.
• RUSAL volume of alumina production remained flat at 1,808 thousand tons in 1Q15 (-1% QoQ).
• RUSAL bauxite production amounted to 3,124 thousand tons in 1Q15 (+7% QoQ and +8% YoY). The production growth is mostly attributable to stronger demand from company’s alumina refineries and third parties.

UC RUSAL management expects flat YoY aluminium production volumes in 2015. The company does not plan restarting of aluminium smelters idled in 2013. The management currently goes through a review of company’s smelting capacity that may result in idling of up to 200 thousand tons of smelting capacity.

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