Russian aluminium producer Rusal said it will focus on restoring its market position after its first-quarter revenues plunged by 20.9% year on year in a period "challenged by the past year's events".
Rusal reported revenue in the first quarter of 2019 of $2.17 billion, a fall of 20.9% year on year from $2.744 billion. The company said the fall in revenue was due to the decrease in the London Metal Exchange aluminium price, which fell by 13.9% to $1,859 per tonne in the first three months of 2019 - compared with $2,159 per tonne in 2018. The producer's earnings before interest, tax, depreciation and amortization (Ebitda) also fell significantly, falling 60.5% to $226 million for the...