Investing.com – Shares in Russian aluminum titan Rusal fell on Thursday after it posted a fourth quarter net loss, but reiterated its positive industry outlook following the lifting of U.S. sanctions on the company in January.
Rusal's (HK:0486) adjusted net loss for the quarter was $17 million, compared with a $338 million profit in the previous quarter and a $350 million profit in the final quarter of 2017. Revenue increased by 3.1% to US$10,280 million.
In January, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) lifted sanctions that had been imposed on Rusal in April 2018.
“Despite the OFAC Sanctions, Rusal’s full-year results demonstrated skillful crisis management,” said Rusal’s CEO Evgenii Nikitin in a statement.
“We expect aluminum demand to recover after the trade wars and supply shocks of late 2018. Alongside forecasting markets outside China to be in heavy deficit in 2019, we are confident that Rusal is fully capable of leveraging this trend,” he added.