United Co. Rusal (486), the world’s largest aluminum producer, reported a second-quarter loss and said it will further reduce production this year.
Rusal posted a net loss of $458 million in the three months ended June 30, compared with net income of $19 million in the first quarter, the Moscow-based company said today in a statement to the Hong Kong exchange. Analysts compare with the prior quarter rather than year-earlier results to track performance amid market volatility.
Global aluminum producers including Rusal and Alcoa Inc. (AA) have announced output curbs as a glut in capacity weighed on prices of the lightweight metal. Rusal today said it will target cutting its production by 357,000 metric tons in 2013, up from a March estimate of 300,000 tons.
“Whilst demand remains strong for aluminum, the sustainability of our industry relies on industry players to taking a uniformed and disciplined approach towards inefficient and unprofitable production,” Chief Executive Officer Oleg Deripaska said in the statement. Rusal plans to accelerate aluminum output cuts in the second half, he said.
To contact the editor responsible for this story: John Viljoen at firstname.lastname@example.org.