The Russian aluminum giant “Rusal” recorded a net annual loss for the first time since 2014. The company, founded by billionaire Oleg Deripaska, which unites 12 factories and is the largest aluminum producer in the world outside of China, lost $455 million in 2025, according to financial statements published on Wednesday.
Although Rusal’s revenue increased by 17%, to $14.1 billion, following a rise in global metal prices at the end of the year, aluminum production at its factories fell by 1.9% after the company announced an “optimization of capacities”, citing an unfavorable economic situation.
Notably, the rise in aluminum prices at the end of 2025 “did not have a significant impact on the company’s financial results,” analysts at Gazprombank write. The sharp increase in expenses had an impact: on debt servicing – by 71%, on aluminum production – by 12%, and on commercial expenses, which include logistics and the restructuring of supply chains – by 25%.
Last year, the European Union imposed a ban on Russian aluminum, which, however, allowed purchases from Rusal under a quota of 220,000 tons per year. As a result, the company’s share of the European market in sales fell from 21% to 14%, and more than a third of all Rusal’s aluminum was exported to China – 35% (The Moscow Times).
