听音状态在主讲嘉宾发言结束后将留有提问时间下面有请主讲老师沐老师发言谢谢好的 那我们可以看到这里的话呢 美俄的关系是有所缓和了的然后像在上周的时候 其实普京也是在接受记者访谈的时候有说到那可能后面俄罗斯是准备要向美国市场供应200万吨的这个铝那么今天的话呢 我们也是在这里主要是从俄罗斯 然后美国 中国 然后包括欧盟这几个方面来思考分析一下这个问题吧 然后可能还可以有相应数量的铝完全可以接受的市场价格供应到美国的一些国内市场所以从这个描述上来看我觉得可能俄罗斯这边更倾向的是用自身的这种资源条件来吸引美国公司到俄罗斯来进行一些联合投资或者说是去开展业务 那其实在整个这个全球供应链深度调整的一个大背景之下,那像铝这边的话,不管我们讲是绿色铝也好,还是低碳铝也好,都是未来市场竞争的一个关键方向了。那如果说铝可以重新成功地返回美国市场的话呢,并且如果说它们可以合作在这种绿色低碳铝上面取得一些技术上的突破, 但是其实我们如果从往年的一些数据上来看,就是美国从俄罗斯进口这个铝合金的这个进口量,那最高的一个高峰值大概是在1617年的时候差不多是70万吨左右的一个量。 然后可能还是要先来看一下就是我们这个普及语言话题说的哪些内 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不會對因本公告全部或任何部分內容而產生或因 倚賴該等內容而引致的任何損失承擔任何責任。 UNITED COMPANY RUSAL, INTERNATIONAL PUBLIC JOINT-STOCK COMPANY （根據澤西法律註冊成立的有限公司並在俄羅斯聯邦存續的國際公司） （股份代號：486） 截至二零二四年十二月三十一日止年度的年度業績公告 United Company RUSAL, international public joint-stock company（「本公司」或「俄 鋁」，連同其附屬公司（「本集團」））謹此宣佈本公司截至二零二四年十二月三十一 日止年度的綜合業績連同二零二三年同期的比較數字如下： 財務及生產指標 年度同比 | | 二零二四年 | 二零二三年 | 變動百分比 | | --- | --- | --- | --- | | 百萬美元 | | | | | （除另有訂明者外） | | | | | 收益 | 12,082 | 12,213 | (1.1%) | | ...

有色铝：俄铝出口美国影响会议 20250308 摘要 Q&A 近期俄美关系有所缓和，普京提到俄罗斯可能向美国市场供应 200 万吨铝，这 对市场有何影响？ 普京在接受记者采访时表示，如果决定向俄罗斯生产商开放美国市场，俄罗斯 可以在美国销售大约 200 万吨铝。这一举措不会大幅影响价格，但会对价格产 生一定的抑制作用。俄铝年产量约为 400 万吨，其中 80%用于出口。在地缘政 治冲突前，54%的出口量发往欧洲，6%运往美国。普京提到的 200 万吨可能是考 虑到欧盟制裁，将原本运往欧洲的部分转移至美国。 从历史数据来看，美国从 俄罗斯进口铝合金的峰值在 2016-2017 年间达到 70 万吨。如果未来通过企业合 作，如俄铝收购中方企业股权或提供价格优势等方式，美国进口量有望超过这 • 俄铝寻求通过与美国公司合作，以恢复和扩大对美铝出口，潜在年出口量 或可达 70 万吨峰值水平，旨在缓解因欧盟制裁导致的销售困境，并推动绿 色铝发展。此举或将部分改变全球铝贸易流向。 • 俄铝与美国合作可降低生产成本，解决因地缘政治冲突导致的氧化铝供应 短缺问题。恢复乌克兰氧化铝厂生产是关键，但需大量资金支持，短期内 面临经济 ...

Summary of Conference Call Notes Industry Overview - The focus is on the aluminum sector, which is considered to have a clearer logic compared to copper and gold due to its domestic pricing structure in China. The domestic demand policy is expected to benefit aluminum significantly in the current year [1] - The supply-demand dynamics for aluminum are favorable, with supply growth projected at 1% and demand growth at 2%, indicating a potential long-term bull market for aluminum [1] Key Insights and Arguments - The recent easing of U.S.-Russia relations may lead to changes in the trade flow of aluminum, particularly with the potential lifting of sanctions on Russian aluminum [3] - The U.S. has a significant trade deficit in aluminum, prompting protective measures against imports. Currently, only four out of nine U.S. electrolytic aluminum plants are operational, with production capacity declining from 1.09 million tons in 2019 to an expected 770,000 tons by 2024 [5] - Russia's aluminum production is projected at 3.8 million tons for 2024, with a significant portion (around 300,000 tons) intended for export, primarily to China [7][8] - In 2024, China is expected to import 1.13 million tons of aluminum from Russia, which constitutes about 55% of its total aluminum imports [8] - The geopolitical landscape, particularly U.S.-Russia relations, is likely to influence aluminum supply and demand dynamics, potentially leading to a rapid decline in supply in the Chinese market [9] Additional Important Points - The U.S. has a demand for approximately 4 million tons of aluminum, with a gap of 2 million tons that needs to be filled, primarily through imports [10] - Canadian aluminum may shift towards European markets due to U.S. trade policies, which could affect global trade flows and pricing [11] - Historical context shows that previous sanctions on Russian aluminum have led to temporary price fluctuations, but the market has generally stabilized post-sanction [14][15] - The complexity of trade flows and frequent adjustments in policies may increase volatility in aluminum prices globally [18] - Geopolitical uncertainties remain high, and the future of trade policies is unpredictable, which could further impact aluminum pricing and market stability [19]

Financial Performance - Revenue for the first half of 2024 was $5,695 million, a decrease of 4.2% compared to $5,945 million in the same period of 2023[3]. - Adjusted EBITDA increased significantly to $786 million, with an adjusted EBITDA margin of 13.8%, up from 4.9% in the previous year[3]. - Net profit rose to $565 million, representing a net profit margin of 9.9%, compared to 7.1% in the same period last year[3]. - The company achieved a significant increase in adjusted net profit to $446 million, with an adjusted net profit margin of 7.8%, up from 5.3%[3]. - The gross profit for the six months ended June 30, 2024, was $1,310 million, up from $728 million in the same period of 2023, with a gross margin increase from 12.2% to 23.0%[47]. - Operating profit for the period was $440 million, a turnaround from a loss of $33 million in the previous year[122]. - The company reported a total comprehensive income of $947 million, compared to a loss of $1,032 million in the same period last year, indicating a recovery in overall financial health[125]. - The company reported a net profit of $565 million for the six months ended June 30, 2024, compared to $420 million for the same period in 2023, an increase of 35%[136]. - Basic and diluted earnings per share increased to $0.0372 from $0.0276, indicating improved profitability on a per-share basis[122]. Production and Sales - The company's aluminum production increased by 2.3% year-on-year to 1.957 million tons in the first half of 2024, driven by the gradual ramp-up of production at the Taishet smelter[21]. - The company's alumina production surged by 18.94% year-on-year to 2.995 million tons in the first half of 2024, attributed to improved operational efficiency[23]. - The company's sales of downstream aluminum products reached 3.009 million tons in the first half of 2024, marking a 14.8% increase year-on-year[15]. - Revenue from aluminum sales was $4,597 million for the six months ended June 30, 2024, down from $4,839 million in the same period of 2023, a decline of 5.0%[180]. - The delivery volume of exports to China reached record levels, contributing to the recovery of the Russian market to pre-2022 levels[8]. Assets and Liabilities - The total assets as of June 30, 2024, were $22,032 million, an increase from $21,464 million at the end of 2023[3]. - Total liabilities decreased to $10,069 million from $10,448 million, a reduction of 4%[130]. - The company's working capital was $4,805 million, an increase from $3,665 million on December 31, 2023[66]. - Inventory increased by $262 million or 7.3% from $3,599 million on December 31, 2023, to $3,861 million on June 30, 2024[66]. - Non-current assets increased to $14,333 million as of June 30, 2024, compared to $13,522 million at the end of 2023, reflecting a growth of 6%[128]. Investments and Acquisitions - The company acquired equity in Hebei Wenfeng New Materials Co., Ltd. to restore self-sufficiency in alumina production[8]. - Rusal acquired a 30% stake in Hebei Wenfeng New Materials Co., a Chinese alumina production plant, for $264 million, with the rights transferred in April 2024[101]. - The company plans to fully launch the first phase of the Taishet aluminum smelter by the end of 2024[11]. - Rusal signed an agreement with the Khakass government on June 6, 2024, to develop a new aluminum foil production facility with an annual capacity of 46,000 tons[107]. Financial Management - Financial income decreased by $27 million or 10.0% from $269 million in 2023 to $242 million in 2024, primarily due to a decline in foreign exchange gains and dividends from other investments[50]. - Financial expenses decreased by $94 million or 34.8% from $270 million in 2023 to $176 million in 2024, mainly due to reduced interest expenses on loans and bonds[53]. - The company reported a current tax expense of $63 million for the six months ended June 30, 2024, compared to $134 million in the same period of 2023, reflecting a decrease of 53%[192]. - The company’s total borrowings for the six months ended June 30, 2024, amounted to $537 million, a decrease from $2,828 million in the same period of 2023, reflecting a strategic reduction in debt[138]. Employee and Corporate Governance - The total average number of employees as of June 30, 2024, was 56,769, slightly down from 56,828 in 2023[86]. - The company has established a comprehensive employee incentive system, focusing on performance-based compensation linked to individual and collective achievements[89]. - The audit committee held three meetings in the first half of 2024 to review financial statements and ensure compliance with international financial reporting standards[95]. - The company continues to prioritize employee welfare, offering various benefits beyond mandatory compensation, including health services and housing assistance[90]. Market and Economic Conditions - The geopolitical tensions and sanctions may significantly impact the company's operations, investments, and financing activities, highlighting ongoing risks[116]. - The group anticipates a rise in global commodity prices, which is expected to improve operational performance[155]. - The group is facing significant uncertainty regarding its ability to meet financial obligations due to fluctuations in commodity, stock, currency markets, and interest rates[155]. - The company continues to face risks associated with economic sanctions and political instability in its operating environments, which may impact future performance[150].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不會對因本公告全部或任何部分內容而產生或因 倚賴該等內容而引致的任何損失承擔任何責任。 UNITED COMPANY RUSAL, INTERNATIONAL PUBLIC JOINT-STOCK COMPANY （根據澤西法律註冊成立的有限公司並在俄羅斯聯邦存續的國際公司） （股份代號：486） 截至二零二四年六月三十日止六個月的中期業績公告 United Company RUSAL, international public joint-stock company（「本公司」）董事 會（「董事會」）欣然宣佈本公司及其附屬公司（「本集團」）截至二零二四年六月三 十日止六個月的未經審核中期業績。 本公告列載本公司二零二四年中期報告全文，並符合香港聯合交易所有限公司證 券上市規則中有關中期業績初步公告附載的資料的要求。 本公司刊發的所有公告分別可於下列網站連結查 閱： http://www.rusal.ru/cn/investors/info.aspx 及 http://rusal.ru/ ...

Financial Performance - Revenue for 2023 was $12,213 million, a decrease of 12.6% from $13,974 million in 2022[2]. - Adjusted EBITDA for 2023 was $786 million, with an adjusted EBITDA margin of 6.4%, down from 14.5% in 2022[2]. - Net profit for 2023 was $282 million, resulting in a net profit margin of 2.3%, compared to 12.8% in 2022[2]. - Metal sales revenue for 2023 totaled $13.7 billion, with significant contributions from Asia and Russia, while sales in Europe, North America, and South America decreased[38]. - The company's total sales in Europe decreased from $7.52 billion in 2022 to $3.48 billion in 2023, while sales in Asia increased from $4.97 billion to $7.32 billion[38]. - Adjusted net profit for the year was $702 million, down 67.6% from $2,165 million in 2022[158]. - The group recorded a profit of $282 million for the year ended December 31, 2023, down from $1,793 million in 2022, reflecting an 84.3% decline[157]. - Total revenue for the year ended December 31, 2023, was $12,213 million, down 12.6% from $13,974 million in the previous year[142]. - The average realized aluminum price dropped by 18.0% from $2,976 per ton in 2022 to $2,439 per ton in 2023[142]. - The group recognized a tax credit of $38 million for the year ended December 31, 2023, compared to a tax expense of $373 million in 2022[156]. Production and Capacity - Rusal operates 117 aluminum smelters across three countries, with 94% of its aluminum production in Siberia, Russia[22]. - The Taishet aluminum smelter's first phase, with a capacity of 428,500 tons, began production at the end of 2021[8]. - The company has invested in modernizing production facilities, including the reconstruction of two aluminum smelters in Krasnoyarsk and Bratsk, with government approval obtained[18]. - The company has developed and sold several innovative aluminum products, including high-strength foils for batteries and low-carbon footprint aluminum foils[19]. - The company has diversified its sales regions, delivering aluminum products to major consumption areas including Europe, the CIS, China, and other Asian regions[8]. - The company continues to adapt to changing market conditions by developing new markets and products, demonstrating resilience and adaptability[18]. - The company has a diverse portfolio of mining assets, including 15 mines and mining groups, supporting its alumina production capacity[33]. - The total alumina production for 2022 and 2023 was 5,953 thousand tons and 5,134 thousand tons respectively, representing a decrease of 13.8% due to military control in Ukraine and sanctions affecting supply[113]. - The total bauxite production of Rusal reached 13,376 thousand tons in 2023, an increase of 8.6% compared to 12,320 thousand tons in 2022[122]. Environmental Initiatives - The company aims to reduce greenhouse gas emissions per ton of metal by at least 23% by 2035 and 47% by 2050 compared to 2018 levels[10]. - The company is implementing a sustainable development strategy with 12 priority ESG transformation projects aimed at ensuring sustainable procurement and long-term competitive advantages[16]. - The company is advancing towards a low-carbon economy by adopting inert anode technology, which aims to achieve the lowest carbon footprint in primary aluminum production[16]. - Approximately 80% of the industrial by-products and waste generated by the company's production facilities are recycled or sold to third-party consumers[16]. - The company has reduced its direct greenhouse gas emissions from aluminum production by 53% since 2007[55]. - The company aims to achieve carbon neutrality by 2050, balancing greenhouse gas emissions and absorption, while also restoring disturbed land and assisting in biodiversity conservation[51]. - The company has received high ratings for its sustainability and climate performance, including an A- rating in the CDP climate ranking for the aluminum industry in 2021[49]. - The company is committed to responsible consumption of natural resources and establishing a circular economy to reduce its environmental footprint[52]. - The company has successfully passed audits for the latest version of ASI performance standards and regulatory chain standards at 13 production and office locations as of December 31, 2023[50]. Social Responsibility and Community Engagement - The company is focused on social investment strategies to improve the quality of life and social development in the regions where it operates[17]. - Rusal has invested in social infrastructure development in Siberia, focusing on sports, housing, and support for science, education, and healthcare[20]. - The company raised a total of 1,045,721 rubles for regional charities through various city charity events, including sports festivals and charity runs[65]. - In 2023, 51 volunteer projects were implemented with a total value of 2.7 million rubles, benefiting over 2,000 individuals in need[65]. - The company supported the development of urban infrastructure projects with a total funding of 344.4 million rubles from 2020 to 2023, including design and municipal application preparation[67]. - The company signed 18 social and economic cooperation agreements with municipal and regional authorities, totaling 646.4 million rubles, funding over 90 projects valued at more than 575 million rubles[72]. - The scholarship program expanded to cover 56 higher and vocational education institutions across 21 cities in 11 regions, receiving 700 applications and awarding 177 scholarships in 2023[74]. - The company initiated social investment projects in 2023 as part of its sustainable development strategy, focusing on urban sustainability and community development[62]. Compliance and Governance - The company has implemented a comprehensive compliance control system to manage regulatory compliance and compliance risks, including anti-corruption and conflict of interest policies[57]. - In 2023, the compliance department conducted training sessions focusing on sanctions and anti-corruption risks for all management levels[59]. - The compliance system underwent internal and external audits in 2023, achieving ISO 37301:2021 certification and being rated AAA for anti-corruption measures[60]. - The company updated its human rights policy and adopted an equal opportunity policy on January 9, 2024, and registered its forest climate project with the Russian Federation carbon unit registry[169]. Employee Development and Training - The company has established a comprehensive employee incentive system to enhance productivity and retain skilled workers[184]. - The number of students recruited under the target recruitment plan increased from 139 in 2022 to 372 in 2023, representing a growth of approximately 168%[189]. - A total of 105 apprentices were hired under the "New Generation" apprenticeship program by December 31, 2023, aimed at attracting high-potential young professionals[190]. - The Rusal Leaders talent program expanded from 25 projects in 2022 to 45 projects in 2023, with an expected economic benefit of over 8 billion rubles[194]. - 23,088 employees received career development and vocational training, with 9,576 completing the digital aluminum course[198]. - The company trained 64 students from Guinea in various Russian higher education institutions in 2022, with an additional 50 students starting medical studies in 2023[193].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不對因本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 UNITED COMPANY RUSAL, INTERNATIONAL PUBLIC JOINT-STOCK COMPANY （根據澤西法律註冊成立的有限公司並在俄羅斯聯邦存續的國際公司） （股份代號：486） 截至二零二三年十二月三十一日止年度的年度業績公告 United Company RUSAL, international public joint-stock company（「本公司」或「俄 鋁」，連同其附屬公司（「本集團」））謹此宣佈本公司截至二零二三年十二月三十一 日止年度的綜合業績連同二零二二年同期的比較數字如下： 財務及生產指標 年度同比 | | | | 百萬美元 | | | | | --- | --- | --- | --- | | （除另有訂明者外） | | | | | 收益 | 12,213 | 13,974 | (12.6%) | | 經調整EBITDA | 786 | 2,02 ...

二零二三年中期報告 | 財務及營運摘要 3 | | --- | | 主席函 4 | | 總經理函 6 | | 管理層討論及分析 8 | | 獨立核數師報告 38 | | 中期簡明綜合財務報表 41 | | 根據香港聯交所上市規則提供的資料 87 | | 責任說明 94 | | 前瞻性陳述 95 | | 詞彙 96 | | 公司資料 104 | 財務及營運摘要 二零二三年上半年，新的外圍隱患不斷出現。美國對從俄羅斯聯邦進口的鋁及鋁產品徵收 200%關稅、烏克蘭反腐敗高等法院更裁定扣押本公司位於Nikolaev的氧化鋁精煉廠。而最重 要的是我們仍然受到歐盟制裁的威脅。然而，憑藉領導有方的管理層和我們的專業團隊，俄 鋁成功克服所有障礙，維持與全球領先企業看齊的盈利能力，並持續得到金融業界的信任。 目前，我們專注於確保原材料供應穩定及業務的韌性。本公司成立伊始，我們便致力實現原 材料自給自足。然而，近期的事態發展很大程度上削弱了我們的努力，迫使我們尋找新的替 代方案。我們堅持以未來為導向的方針，格外重視戰略規劃，但外圍環境變幻莫測，規劃絕 非易事。 二零二三年五月，我們通過了一項至二零三五年的可持續業務發展策略。該重 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不會對因本公告全部或任何部分內容而產生或因 倚賴該等內容而引致的任何損失承擔任何責任。 UNITED COMPANY RUSAL, INTERNATIONAL PUBLIC JOINT-STOCK COMPANY （根據澤西法律註冊成立的有限公司並在俄羅斯聯邦存續的國際公司） （股份代號：486） 截至二零二三年六月三十日止六個月的中期業績公告 United Company RUSAL, international public joint-stock company（「本公司」）董事 會（「董事會」）欣然宣佈本公司及其附屬公司（「本集團」）截至二零二三年六月三 十日止六個月的未經審核中期業績。 本公告列載本公司二零二三年中期報告全文，並符合香港聯合交易所有限公司證 券上市規則中有關中期業績初步公告附載的資料的要求。 本公司刊發的所有公告分別可於下列網站連結查閱： http://www.rusal.ru/cn/ investors/info.aspx及 http://rusal.ru/i ...