falling aluminium prices hit rusal earnings
Last Updated : GMT 16:22:18
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.

arabstoday
arabstoday

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*

falling aluminium prices hit rusal earnings falling aluminium prices hit rusal earnings

 



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*

falling aluminium prices hit rusal earnings falling aluminium prices hit rusal earnings

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Prince's vision spurs new Cornwall village

GMT 03:12 2017 Saturday ,18 November

Prince's vision spurs new Cornwall village
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today Israel ready to cooperate with Saudi

GMT 06:31 2017 Friday ,17 November

Israel ready to cooperate with Saudi
Arab Today, arab today Airbnb raided by Japan

GMT 01:55 2017 Saturday ,18 November

Airbnb raided by Japan
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Tesla unveils its all-electric semi truck

GMT 02:59 2017 Saturday ,18 November

Tesla unveils its all-electric semi truck
Arab Today, arab today Baidu speeds up AI progress

GMT 11:46 2017 Friday ,17 November

Baidu speeds up AI progress
Arab Today, arab today Hanan Metawe denies apology for “Major Treason”

GMT 12:22 2017 Thursday ,16 November

Hanan Metawe denies apology for “Major Treason”
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 08:06 2017 Wednesday ,15 November

Ayten Amer happy for “The Flood” success

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 06:13 2017 Friday ,17 November

Pope denounces healthcare inequality

GMT 05:18 2017 Thursday ,16 November

Boeing announces $27bn from flydubai

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
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