SINGAPORE United Co. Rusal has revised its 2012 net loss to $337 million from the previously announced $55 million due to the "material adverse impact" of MMC Norilsk Nickels weak 2012 performance.
Moscow-based Norilsk, in which Rusal owns a 27.8-percent stake, saw its full-year net income tumble 41 percent to $2.1 billion following a $976-million noncash write-off in 2012 (amm.com, April 15).
Rusal also revised its 2012 loss before income tax to $311 million from the previously stated $29 million.
Announcing its full-year results earlier in March, Moscow-based Rusal attributed its loss to low prices and "particularly challenging" markets, noting that it would curtail 300,000 tonnes per year of capacity in 2013 (amm.com, March 4).
A version of this article was first published by AMM sister publication Metal Bulletin.