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RusAl posts 23% increase in earnings to $8.18 billion in 2006

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MOSCOW, January 30 (RIA Novosti) - RusAl, Russia's largest aluminum company, said Tuesday its earnings gained 23% year-on-year in 2006, to reach $8.18 billion.

RusAl, one of the world's top three aluminum producers, said earnings from sales abroad increased more than 40% in the reporting period to $6.6 billion, while earnings from domestic sales climbed 14% to $1.6 billion.

The company's net debt reached $4.43 billion at the end of 2006. The higher figure resulted from preparations for an agreement to combine the alumina assets of RusAl, Sual and Switzerland-based Glencore, the Russian aluminum giant said in a news release.

The two Russian companies and Glencore signed an agreement October 9 on consolidating their assets to create the world's largest aluminum producer, United Company Russian Aluminum.

RusAl also said aluminum production edged up 2% in 2006 to 2.77 million metric tons, output of value-added casting house products went up 14% to 972,978 metric tons, bauxite production expanded 29% to 7.37 million metric tons and alumina production stayed at the 2005 level of 3.93 million metric tons.

Founded in March 2000 following a merger of major aluminum plants in the former Soviet Union, RusAl holds 75% of the Russian market and 10% of the international market. The company exports aluminum to 50 countries and operates in nine Russian regions and 13 countries.

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