Ireland, The aluminium giant Rusal warns of unprecedented pressure
Russian aluminium giant Rusal, which owns the huge Aughinish Alumina smelter in the Shannon Estuary, has warned it faces “unprecedented pressure” from the fallout of Russia’s war on Ukraine as it seeks to mend its international supply and sales chains.
The global producer employs almost 60,000 people at its mining, smelting, and manufacturing plants around the world, including in Russia, Guinea, Jamaica, Italy, and Sweden, as well as in Ireland at its Aughinish plant in Co Limerick.
Rusal last year reportedly diverted bauxite metals from Guinea for processing in Aughinish Alumina when its smelter in Ukraine shut down because of the Russian invasion.
Finished aluminium products are used globally in making cars, constructing buildings, consumer packaging, and in generating electricity.
The Russian giant hasn’t faced Western sanctions, but its international operations were rocked last year when the Australian government banned exports from Australian mines to Russia of alumina and aluminium ores.
In the 2022 earnings report released on Friday, Rusal warned that pressure remains intense.
Output by tonne of aluminium products rose last year even as output of alumina and bauxite fell, helped by “redirecting finished product flows to domestic and Asian markets”, it said.
“The group is also revising supply and sales chains, ensuring an optimal equity and debt ratio, searching for resolutions of logistic difficulties, as well as the ways to service its obligations in order to adapt the current economic changes to maintain the continuance of the group’s operations,” it said.
Rusal also warned about rising interest rates, the current banking market turmoil in the US and Europe, and the risk of any global economic slowdown.
“This complex of negative factors has a negative impact on the aluminium price,” the company said, Pro Active Investors reports.
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Montenegro ore processing and export
Exports of the metal sector in Montenegro since the beginning of the year amounted to 84.1 million euros, which is 28 percent share in total exports, the Committee of the Association of Metallurgy and Metal Industry of the Chamber of Commerce (PKCG) said.
PKCG states that, according to the latest data relating to the three quarters of this year, aluminum and aluminum products worth more than € 50 million were the most exported.
Most exported to Hungary – 34.6 million euros, Serbia 7.2 million, Slovenia 4.2 million, Albania 1.2 million and Turkey 994,400 euros, said the PKCG.
The Metallurgical Committee states that 23.3 million euros of iron and steel were exported. Of this, 7.2 million euros were placed on the German market, 6.7 million in Turkey, 1.7 million euros in Albania, while 1.7 million and 1.2 million euros arrived in Italy and the United Kingdom, respectively. For iron and steel products, by the end of September, 1.5 million euros were exported to the Czech Republic, more than one million to Albania, 997,700 to BiH and 994,600 euros to Serbia.
The value of exports of copper and copper products amounted to 4.8 million euros, with the largest share on the Italian market of 1.9 million, on the Slovenian market 1.5 million, Serbia 1.2 million. Exports of lead and lead products from January to September 2019 amounted to EUR 125,600, the PKCG said, adding that 95.2 percent were exported to the Slovenian market.
As for the commodity exchange of basic metals and metal products abroad, during the nine months of this year, a decrease of 5.2 percent was recorded compared to the same period last year.
Total exports of metals and metal products amounted to EUR 84.1 million, representing a decrease of nine percent, while imports of these products decreased by 2.9 percent and were worth EUR 150.1 million, or 7.7 percent of the total Montenegrin imports, they said in the PKCG.
According to the latest data, Montenegro produced 24,000 tonnes of aluminum worth around EUR 39.5 million by the end of August, from the planned 36.973 tonnes. As for the steel, the production of that metal was 12.35 million.
In the mining and quarrying sector, which accounted for 8.4 percent of total industrial production last year, during the eight months of this year, compared to the same period last year, there was a decline in mining and quarrying by 5.5 and 0%. , 3 percent, while in the area of metal ore extraction there was a growth of 27.7 percent, said PKCG.
Source: bankar.me