Rusal, a major global aluminum producer, has announced a nearly three-fold increase in annual profits, thanks to lower production costs and higher aluminum prices. Despite being of Western sanctions over the Russian invasion in Ukraine, the company claims. However, Rusal’s shares experienced an increase of more than 5%, although they then moderated their gains.
In 2024, Rusal reported a net profit of $803 million, an increase of 184.8% compared to the previous year. However, revenues fell by 1.1%, totaling $12.08 billion, while production costs decreased by 6.8%, to $2,025 per metric ton.
Rusal noted that the electric vehicle (EV) market continues to grow, driven by stricter emissions regulations, government incentives, and advances in battery technology. In addition, the company highlighted increasing demand for sustainable transportation and expanding charging infrastructure as key factors for EV market growth.
Although the company has been targeting Asian markets since 2022, Europe still accounts for more than one-fifth of its revenues. In 2024, the European Union included a ban on Russian aluminum in its sanctions package, but introduced an import quota of 275,000 tons of aluminum from Russia for a 12-month period to ease the transition
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