Global aluminium producer Rusal shared its 2019 results which show a mixed global income profile with construction gains but automotive output down overall.
Some segments were also affected by trade wars and other sanctions.
UC Rusal is the majority owner of the WINDALCO bauxite plant in St Catherine, Jamaica.
The global operation recorded a profit of USD$960 million in 2019, compared to USD$1.7 billion in 2018.
RUSAL’s revenue for the year ended December 31, 2019 decreased by 5.5 per cent to USD$9.711 billion as compared to USD$10.28 billion for 2018.
“The current health situation does not only create a serious challenge for the whole economy but above all it puts our employees at risk.”– Rusal CEO, Evgenii Nikitin,
This followed a 15.1 per cent decrease in the average London Metals Exchange aluminium price from US$2,110 per tonne in 2018 to US$1,792 per tonne in 2019 and a 11.2 per cent drop in the average realised premiums to the LME price.
Management said in comments that as the year ended it was looking to the Chinese economy which grew at 6.1 per cent year-on-year in 2019.
It was however noted that the Chinese economy is expected to be heavily affected by coronavirus issues in the first quarter of 2020 resulting in the overall GDP growth to be around 5.8 per cent.
Managers noted in the release on the year’s result that the whole aluminium industry continues to see a challenging environment.
The company meanwhile has announced safety measures in relation to the spread of COVID-19
The company said in order to ensure the health and safety of all employees, starting from March 17th, employees from head office and staff who are not involved in the production process will be told to work from home. Otherwise, operations will continue uninterrupted.
The company outlined that exceptions will only be made in the instance when the tasks cannot be performed without coming to the office.
The company warned, “staff who will be working from home have been strongly advised against attending public functions or unnecessarily going to public spaces. Everyone who is currently on a business trip is required to return as soon as possible. All new business trips have been put on pause. All communications, meetings and discussions are to be made over the phone. Employees on call who are required to be in the office will be fully equipped to protect themselves and others from the virus.”
Rusal said only those employees whose presence is indispensable to ensure production is uninterrupted will be present at the production sites.
“At the same time, the Company is doing everything possible to ensure the maximum protection of its staff at all production sites. Additional disinfection measures will be put in place at the sites and all the medical staff have been fully alerted and briefed,” it was noted.
Evgenii Nikitin, RUSAL’s CEO, commented on the latest measures: “The current health situation does not only create a serious challenge for the whole economy but above all it puts our employees at risk. Our health depends on our quick and clear actions. Only by joining forces will we stand a chance of stopping the virus. RUSAL has introduced unprecedented measures across the whole Company in order to ensure the uninterrupted production process and to protect our employees.”