United Company Rusal IPJSC, the world’s largest aluminum producer outside China, reported an adjusted net profit of $196 million in the first half of 2026, reversing a $194 million loss in the same period a year earlier.
Revenue rose 10.9% to $8.34 billion, while total sales costs increased 3.3% to $6.31 billion, primarily due to higher energy expenses. Chairman Bernard Zonneveld attributed the financial turnaround to a sharp rise in aluminum prices, which briefly reached four-year highs before retracing to prior levels. The price spike still enabled Rusal to secure record-high aluminum premiums in several markets.
The company noted that aluminum prices were supported by supply disruptions, trade tariffs, and stronger industrial demand. Zonneveld added that recent electricity tariff increases were expected to stabilize over the medium term, though Rusal warned that sustained higher electricity costs at mid-2026 levels could trigger an impairment charge.
Hong Kong-listed Rusal shares rose more than 3% following the earnings release.
