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About the company RUSAL

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RUSAL is the largest aluminium producer outside China. Its smelters are located mainly in Siberia, next to hydroelectric power plants, and this is no coincidence: smelting aluminium requires an enormous amount of electricity. The shares trade on the Moscow Exchange under the ticker RUAL.

What the company does

Aluminium production is an electrolysis process in which electricity accounts for a substantial part of the cost of production. Metallurgists say that aluminium is "canned electricity": cheap energy is almost the same thing as cheap metal. Siberian hydropower plants give the company one of the lowest energy costs in the world, and this is its main structural advantage.

The weak point of the chain is alumina, the raw material for smelting. The company's self-sufficiency in it is incomplete, and some of its foreign assets have become inaccessible, so the raw material has to be bought at a higher price than before.

A separate and very large item, unrelated to aluminium, is a stake in another metals company. In some years the dividends on this stake affected RUSAL's cash flow no less than its own sales did.

Business lines

  • Primary aluminium

    Smelting of the metal at Siberian plants next to hydroelectric power stations.

  • Alumina and bauxite

    Mining and processing of raw materials — a link in the chain that is not fully secured.

  • Value-added products

    Alloys, wire rod, foil and other downstream products sold at a higher price than ingot.

  • Stake in another company

    A large holding in a metals company, the dividends on which affect cash flow.

History

  1. 2000A company is created that brings together the aluminium smelters of Siberia.
  2. 2007Merger with other aluminium assets — the formation of the present structure.
  3. 2010Listing of the shares in Hong Kong.
  4. 2018Sanctions against the company: supplies are disrupted, and the restrictions are later lifted after a change in the ownership structure.
  5. 2022–2023Loss of access to some of the foreign alumina assets; the raw material chain is being rebuilt.

Business review

Strengths and weaknesses describe the business itself. Opportunities and threats describe what may happen around it.

Strengths

  • Cheap hydroelectric power and the low carbon footprint of its products.
  • A stake in Norilsk Nickel that brings in dividends.
  • Global scale of production.

Weaknesses

  • Incomplete self-sufficiency in alumina after the loss of some foreign assets.
  • High debt, the servicing of which is sensitive to the interest rate.
  • The price of aluminium is set by the world market, while sanctions restrict sales.

Opportunities

  • Cheap hydropower gives one of the lowest smelting costs in the world.
  • Aluminium with a low carbon footprint commands a higher price in some markets.
  • Demand for the metal is growing along with electric transport and power grids.
  • Growth in value-added products raises the price per tonne relative to exchange-traded ingot.

Threats

  • Incomplete self-sufficiency in alumina: part of the raw material is bought at market prices.
  • The price of aluminium on the world market is not controlled by the company.
  • Sanctions restrictions periodically close off individual sales markets.
  • A substantial debt burden becomes more expensive when interest rates are high.

Frequently asked questions

What does RUSAL do?

The company mines and processes the raw materials for aluminium, smelts primary aluminium at its Siberian plants and makes alloys and downstream products from it. A substantial part of the metal is exported.

Why are aluminium smelters built next to hydroelectric power plants?

Because smelting aluminium is electrolysis, which requires a great deal of electricity: it makes up a noticeable share of the cost of producing a tonne. Cheap hydropower next to the plant is the main way to make the metal competitive.

What is alumina?

It is aluminium oxide — an intermediate raw material obtained from bauxite. It is from alumina that metallic aluminium is smelted by electrolysis, which is why self-sufficiency in it is critical for the cost of production.

Information as of 20 August 2026

Business description and risk factors. Not investment advice.

Issuer profile

What the company does

The company is classified under the «Metals & mining» sector, using the taxonomy we apply when comparing securities with one another.

The same sector holds 27 issuers on the platform, and their figures are computed by one method — so this company's revenue, profit and leverage can be compared with them directly.

The company is registered in Russia and identified in regulatory disclosure by tax number 3906394938. That number locates its statements in state registries regardless of how its name is spelled — and the spelling differs even between official documents.

Listed securities

The issuer has 10 securities listed: 1 share class, 9 bond issues. All are shown on this page, including those trading in different modes and different currencies.

A further 1 security have already matured or been delisted. They stay in the list below deliberately: together they show how long the company has been borrowing on the market and how regularly it repays.

Across Moscow Exchange quotation list levels the securities split as follows: 1 at level 1, 7 at level 2, 2 at level 3. The level reflects how strict the disclosure, turnover and track-record requirements the issue meets are — not how attractive the investment is.

Bond issues

The nearest issue matures on 6 March 2027 and the farthest on 22 August 2029. That spread means the issuer borrows both short and long, and the yields of these issues will differ for the simple reason that the money is lent for different terms.

The largest issue by face value is RU000A105104, with a face value of 1,000.00 ¥ per bond, maturing on 28 July 2027. Bond prices in the order book are quoted as a percentage of face value, so a quote of 98.4 means 98.4 % of that amount rather than an absolute price.

Dividend history

The issuer has made 1 payout whose record date has already passed. Recommendations and forecasts are not counted here.

The most recent payout was 0.02 $ per security with a record date of 20 October 2022. That is the amount before tax: the broker withholds it on crediting, so less arrives in the account.

Financial statements

The most recent annual report we hold is for 2025 under IFRS. The standard is named for a reason: IFRS and RAS compute the same quantities by different rules, disagree by design and are never averaged.

Revenue for 2025 was 1.24T ₽.

That is 12.5 % more than in 2024, when revenue was 1.10T ₽. The comparison stays within one reporting standard — otherwise the growth could turn out to be a change of accounting rules and nothing more.

2025 closed with a loss of −65.80B ₽.

Equity stands at 917.30B ₽ against total assets of 1.96T ₽. The difference between the two is the company's liabilities, and the larger it is relative to equity, the more the business depends on borrowed money.

This section is assembled from our own data on the company's securities, dividends and financial statements. It is a description, not a recommendation.

Securities of this issuer

Shares1

Bonds10