Arab Today, arab today falling aluminium prices hit rusal earnings
Last Updated : GMT 12:35:09
Arab Today, arab today
Arab Today, arab today

Falling aluminium prices hit Rusal earnings

Arab Today, arab today

Arab Today, arab today Falling aluminium prices hit Rusal earnings

Moscow - AFP

Russian aluminium giant Rusal posted a third-quarter loss of $118 million on Monday, blaming Europe\'s economic turmoil and China\'s slowdown for sinking global demand for the metal. \"The growth in the global demand for aluminium moderated in the third quarter of 2012 due to slower economic activity in China and the persistent impact of the financial crisis in Europe, as well as seasonality factors,\" the company said. The world\'s largest aluminium producer told the Hong Kong stock exchange the outlook was uncertain but aluminium consumption should improve in the fourth quarter with an uptick in Chinese growth and rising demand from US carmakers. The company said its net loss for the three months to September 30 was $118 million compared with a net profit of $432 million a year earlier. Revenue fell 19 percent to $2.56 billion from $3.16 billion. An \"outbreak of unrest in China\" over a territorial dispute with Japan had \"brought about a partial retreat by Japanese carmakers\" from the huge Chinese market, contributing to weaker demand. Meanwhile new European passenger car registrations fell for a 12th straight month in September, with demand for new cars dropping 7.6 percent this year compared to the same period last year. Chinese government subsidies were encouraging Chinese smelters to boost production despite slowing global demand for the metal, contributing to oversupply, Rusal said. \"The operating profitability and underlying results of the company in the third quarter of 2012 were seriously hit\" by falling prices for the metal used in everything from cans to cars, chief executive Oleg Deripaska said in a statement. Rusal last month appointed Matthias Warnig, Russian President Vladimir Putin\'s old KGB friend and a former member of East Germany\'s Stasi security service, as its chairman. Warnig replaces interim chief Barry Chung, who took over after the shock resignation of powerful chair Viktor Vekselberg. Vekselberg at the time said Rusal was in \"deep crisis\" amid internal conflict over how to handle more than $10 billion of debt incurred in the 2008-2009 financial crisis. The appointment of Warnig should make it easier for Rusal to maintain close terms with the Kremlin at a point when it is trying to stave off disintegration. Warnig has long been reputed to have special personal ties to Putin despite his refusal to go into the subject in any great detail. Rusal, which listed in Hong Kong in January 2010, in August posted a net interim profit of $37 million, from $779 million a year earlier.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today falling aluminium prices hit rusal earnings Arab Today, arab today falling aluminium prices hit rusal earnings

 



Arab Today, arab today
Arab Today, arab today Laptop ban sparks ire

GMT 09:02 2017 Thursday ,23 March

Laptop ban sparks ire
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today Dozens dead in US-led Syria strikes

GMT 08:35 2017 Thursday ,23 March

Dozens dead in US-led Syria strikes
Arab Today, arab today AT&T, Verizon join Google ad boycott

GMT 10:30 2017 Thursday ,23 March

AT&T, Verizon join Google ad boycott
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Yemeni official warns education is under threat

GMT 12:03 2017 Tuesday ,14 March

Yemeni official warns education is under threat
Arab Today, arab today 2017 already marked

GMT 15:25 2017 Tuesday ,21 March

2017 already marked
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Renault Trezor wins design award

GMT 11:56 2017 Tuesday ,21 March

Renault Trezor wins design award
Arab Today, arab today Palestinian police wage war

GMT 07:53 2017 Friday ,17 March

Palestinian police wage war
Arab Today, arab today Donia Abdel Aziz participates in "Game of Silence"

GMT 07:12 2017 Tuesday ,21 March

Donia Abdel Aziz participates in "Game of Silence"
Arab Today, arab today Mexico threatens to ditch US corn imports

GMT 10:34 2017 Tuesday ,21 March

Mexico threatens to ditch US corn imports

GMT 07:39 2017 Monday ,20 March

Dalia Mustafa believes in the presence of ghosts

GMT 19:27 2017 Saturday ,11 March

Boualsof launches "Priestess Kahina" collection

GMT 16:41 2017 Monday ,20 March

Preserving the memory of glaciers

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 13:11 2017 Tuesday ,21 March

Web-based counseling lowers blood pressure

GMT 10:18 2017 Tuesday ,21 March

Kuwait's tourism industry to be worth

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 22:39 2017 Thursday ,09 March

Zuhair Murad presents his new collection "Resorts"
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday