Russia's Rusal produced 4.083 million mt of aluminum in 2010, up 3% from 2009, the company said Monday.
Alumina output totaled 7.84 million mt, up 8% from a year earlier, while bauxite production totaled 11.8 million mt, up 4% over the same period, the company said in a statement.
Aluminum output in the December quarter of 2010 increased 1% to 1.05 million mt from the October quarter and 6% year on year in line with guidance, and due mainly to the progressive restart in the year of operations mothballed during the global economic slowdown in 2009, the company said.
Production increased at its Krasnoyarsk and Novokuznetsk smelters in Russia and Kubal in Sweden, while potline 5 at its Irkutsk aluminum smelter in Russia, which was commissioned in April 2010, had reached full capacity by end-June and operated at full capacity throughout the September and December quarters, Rusal said.
Alumina output in the December quarter totaled 2.082 million mt, up 2% from the September quarter and 11% year on year, but below guidance due to a delay in restarting the Widalco Ewarton alumina refinery in Jamaica caused by heavy tropical rains and a hurricane.
Rusal announced Monday that Ewarton will restart July 1.
In addition, the Achinsk and Bogoslovsk alumina refineries in Russia missed production growth targets, Rusal said.
Rusal said it targets increasing aluminum production by 2% in 2011 from 2010 by boosting output at its smelters in Siberia, and raising alumina production by 8% year on year in 2011 due to the restart of Ewarton.
The company forecast China's demand for aluminum to grow 12% year on year to 18.5 million mt in 2011 and for that country to continue to increase its imports of primary aluminum in the medium term.
It also forecast a "strong" rebound in North American aluminum consumption in 2011 and a year-on-year growth of 4.5% in 2011 to 5.4 million mt; a 4% year-on-year growth in the Japanese market to 1.98 million mt; and a 2% year-on-year growth in Western Europe to 6.2 million mt in 2011, largely supported by increased economic activity in Germany.
The company forecast aluminum prices to remain above $2,500/mt in 2011 and for premiums to be in the range of $180-195/mt in the European Union, $110-120/mt in Japan and $130-150/mt in the US.
"2010 witnessed the recovery of global aluminium consumption to levels above even the most optimistic forecasts of experts," Rusal CEO Oleg Deripaska said in the statement.
"… we were able to meet the rising demand by increasing production volumes at our most economically and environmentally efficient facilities.
"Looking ahead, we are well positioned to take advantage of the positive long-term fundamentals for the aluminium industry."
Separately, Rusal said the company's board has approved a Rb 30 billion （$1.02 billion） corporate bond issue in two tranches of Rb 15 billion each to refinance the company's debt.
A final decision on the timing of the placement, which was announced in May 2010, is subject to market conditions, the company said.
The company posted a net profit of $821 million for 2009 after posting a net loss of $5.984 billion for 2008, but its net debt stood at $13.633 billion at end-December 2009, up 3% from $13.263 billion a year earlier, Platts reported earlier.
It is due to release its financial results for 2010 on March 31. Rusal describes itself as the world's largest producer of aluminum and alumina, accounting for 10% of global production of both in 2009.
（Source from：Platts）
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