Reuters reported that Russia's United Company RUSAL Plc sees steady output growth in 2011 driven by strong demand from China and a rebound in North America.
Hong Kong and Paris listed RUSAL said that aluminum production was expected to grow 2% in 2011 roughly steady with last year's 3% rise to 4.08 million tonnes with higher output seen at its Siberian smelters.
In Hong Kong, RUSAL's shares rose more than 6% in early trading after the company's output forecast and also after an increased offer from Russian mining giant Open Joint Stock Co Mining And Metallurgical Company Norilsk Nickel's to buy back the 20% stake in the nickel company held by RUSAL.
Rusal said that growth in aluminum demand in regions other than China is expected to be strong indicating that Western markets appear to have rebounded positively from the financial crisis.
Global demand for aluminum, used in everything from soft drink cans to building construction would increase 8% to 43.8 million tonnes in 2011 with prices expected to remain above USD 2,500 per tonne.
Expected higher output at Rusal's Siberian smelters and the planned restart of the Windalco Kirkvine Works Plant from July which had been approved by the board of directors, would help lift production this year. It would increase alumina output, a key raw material in aluminum by 8% this year with increased production at its Windalco Ewarton Plant Works in Jamaica.
（Sourced from Reuters）
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