MOSCOW, March 13 (Reuters) - Russian aluminium large Rusal 0486.HK mentioned on Friday its web loss
MOSCOW, March 13 (Reuters) – Russian aluminium large Rusal 0486.HK mentioned on Friday its web loss widened sharply within the final quarter of 2019, including that the unfold of the coronavirus could worsen aluminium market fundamentals within the first half of 2020.
Rusal, the world’s largest aluminium producer exterior China, expects the coronavirus to have an effect on the Chinese language aluminium market in January to June, inflicting an even bigger provide surplus and weaker demand.
“Over the past 12 months, each Rusal and the entire business witnessed a wide range of difficult situations that included the common… aluminium value slumping by over 15%, which contributed to our annual income lower,” Rusal chief govt Evgenii Nikitin mentioned in a press release.
The corporate posted an adjusted web lack of $138 million for the quarter ending Dec. 31, in contrast with a lack of $17 million a 12 months earlier.
The Hong Kong-listed firm mentioned its estimates instructed 27% of Chinese language smelters, representing round 10 million tonnes of…