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Rusal suffers $3.22 billion net loss in 2013

Rusal, the world's largest aluminium producer, said Friday its net loss blew out to more than $3 billion last year as it was hit by record low metal prices and one-off restructuring charges. The Hong Kong-listed Russian giant said it lost $3.22 billion, compared with a loss of $528 million in 2012, while revenue slumped 10.4 percent to $9.76 billion. However, the company's chief executive Oleg Deripaska forecast an uptick in demand for aluminium over the next two years, in line with a global economic recovery.

Rusal suffers $3.22 billion net loss in 2013

Rusal, the world's largest aluminium producer, said Friday its net loss blew out to more than $3 billion last year as it was hit by record low metal prices and one-off restructuring charges. The Hong Kong-listed Russian giant said it lost $3.22 billion, compared with a loss of $528 million in 2012, while revenue slumped 10.4 percent to $9.76 billion. However, the company's chief executive Oleg Deripaska forecast an uptick in demand for aluminium over the next two years, in line with a global economic recovery.

Russian firms to invest up to $6 bn in Indonesian mining

Russian firms plan to invest up to six billion dollars in Indonesia's mining sector this year, Jakarta said Tuesday, despite its recent mineral export ban that has worried foreign investors. Projects include a refinery on Borneo to process bauxite, an aluminium ore, and a railway on the island to transport coal to a port, said Indonesian Chief Economic Minister Hatta Rajasa. Rusal, the world's biggest aluminium producer, has signed a memorandum of understanding to build the refinery with a local company.

Alcoa chief says no plans for legal action against LME

NEW YORK (Reuters) - Alcoa Inc has no plans to follow Russian aluminum producer Rusal and launch legal action against the London Metal Exchange aimed at overturning reforms to its warehousing policy, Chairman and Chief Executive Klaus Kleinfeld said on Thursday. The U.S. aluminum producer and Rusal have staunchly criticized the LME for implementing changes, which will speed up the rate at which metal is delivered out of storage locations and is expected to pressure the physical prices of aluminum.

Rusal starts legal case against London Metal Exchange

Rusal, the world's largest aluminium producer, has triggered a judicial review of plans by the London Metal Exchange to reform how it stockpiles commodities, the LME's owner said on Tuesday. Russian company Rusal filed a claim in the English High Court on Monday, the Hong Kong Stock Exchange said in a statement. The Hong Kong bourse last year bought the LME, which is the world's biggest metals exchange. Rusal opposes a plan to expedite deliveries of base metals, in particular aluminium, that are traded on the LME.

Rusal suspends operations at disputed Nigerian plant

The Rusal aluminium company of Russian oligarch Oleg Deripaska on Friday halted production at a disputed Nigerian plant whose ownership was awarded to a US company last year. Rusal said it was suspending operations at the Alscon smelter because the Nigerian government never followed through on a promise to provide it with sustainable gas supplies. "Today, despite all measures undertaken by the company, Alscon does not have a reliable and continuous gas supply," Rusal said in a statement.

Hong Kong shares seen steady ahead of China data

HONG KONG, March 8 (Reuters) - Hong Kong shares may start steady on Friday, ahead of data later in the day that will likely show China's exports and imports maintained double-digit growth momentum in the first two months of the year, even amid seasonal distortions. A Reuters poll of 22 economists forecast February exports grew 10.1 percent from a year earlier, while imports likely fell 8.8 percent over the same period. The trade balance is forecast to show a deficit of $7.8 billion.

Russia's Rusal posts $55 mn net loss in 2012

Russian aluminium giant Rusal on Monday reported a net loss of $55 million for 2012, as the firm said it would cut production following lacklustre demand for the metal and falling prices. The world's largest aluminium producer fell into the red for the fiscal year ending December 31, 2012, compared with a net profit of $237 million in 2011, the Moscow-based firm said. Revenue fell 11.4 percent to $10.89 billion.

Russian investigators search Rusal offices in tax probe

Russian investigators on Tuesday said they were searching the Moscow offices of the world's largest aluminium producer Rusal as part of a probe into alleged tax violations which the company dismissed as groundless. "Items and documents (obtained as a) result of the searches... will be made part of the material of the criminal probe," the powerful Investigative Committee's Moscow branch said in a statement.
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