(Provides particulars, quotes, context)
MOSCOW, Aug 13 (Reuters) – Aluminium producer Rusal
mentioned on Friday that its monetary efficiency within the
second half of 2021 could possibly be affected by Russia’s new metallic
export taxes in addition to the influence of the COVID-19 pandemic,
regardless of robust outcomes for January-June.
Hong-Kong listed Rusal, the world’s third largest aluminium
producer behind China’s Chinalco and Hongqiao
, on Friday reported an enormous soar in first-half internet
revenue to $2.zero billion from a lack of $124 million a 12 months in the past
as a result of increased gross sales and stronger aluminium costs.
However Rusal mentioned it could to not pay dividends for
January-June, sending its Moscow-listed shares down by
2.8%.
Rusal sells the metallic, utilized in building and electronics,
to Europe, the US and Asia. It has been hit by
Russia’s authorities determination to boost export taxes for the
nation’s metals producers for August-December.
“The introduction of export duties on metals… in addition to
the persistence of pandemic uncertainties and the continued
unfold of recent strains of the coronavirus an infection… can
considerably alter the outcomes of the second half of the 12 months
and the 12 months as an entire,” Rusal CEO Evgenii Nikitin, mentioned in a
assertion.
Rusal mentioned in June that the 15% export tax on aluminium
exports, or a minimal of $254 a tonne, would price it a number of
hundred million {dollars} this 12 months and should result in decrease 2021
gross sales.
Proceeds from a share buyback by metals miner Nornickel
, by which Rusal owns a 27.8%-stake, supported its money
movement within the interval. Rusal obtained $1.Four billion from its
participation in Nornickel’s programme, it mentioned on Friday.
Rusal mentioned it was as a result of repay $2.zero billion in loans by the
finish of 2022 and that its plan to modernise a number of aluminium
smelters in Siberia together with the capability enlargement of the
Taishet Anode Plant in Siberia would price it $4.9 billion as much as
2030.
(Reporting by Polina Devitt; enhancing by Elaine Hardcastle and
Jane Merriman)
(([email protected]))
Key phrases: RUSAL RESULTS/ (UPDATE 1, PIX)
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