UC RUSAL announces second quarter 2015 operating results

UC RUSAL, a leading global aluminium producer, announced its operating results for the second quarter 2015.

Key highlights:

Total aluminium output amounted to 908 thousand tonnes (+0.8% QoQ and +1.1% YoY in 2Q15). The company maintains production discipline in accordance with the previously provided guidance.

Sales volumes in 2Q15 amounted to 880 thousand tonnes (-5.1 % QoQ). Decrease in sales volumes in 2Q15 resulted from the higher than normal sales in 1Q15 when shipment delays caused by port weather conditions in October to November 2014 were compensated.

The average realized price went down 7.7% QoQ to USD2,124/tonne in 2Q15 driven by lower London Metal Exchange (“LME”) cash price and declining physical premium across key export markets.

RUSAL volume of alumina production remained flat at 1,818 thousand tonnes in 2Q15 (+0.6% QoQ and +0.8%YoY).

RUSAL bauxite production amounted to 3,223 thousand tonnes in 2Q15 (+3.2% QoQ and +7.3% YoY). The production growth is mostly attributable to the stronger demand from the Company’s alumina refineries and third parties.

RUSAL management expects flat YoY aluminium production volumes in 2015. The Company does not plan restarting of aluminium smelters idled in 2013. RUSAL considers reducing its capacity by up to 200ktpa over next 12 months through implementation of the active maintenance capex management program envisaging optimization of scheduled maintenance on pot lines.

The aggregate aluminium foil and packaging material production of the Company’s plants decreased by 1.6% QoQ to 22 thousand tonnes in 2Q15 and decreased by 3.6% in comparison with 2Q14, mainly due to decreased demand.

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