Rusal’s Quarterly Loss Shrinks as Unprofitable Plants Closed - Bloomberg:
"United Co. Rusal (486)’s quarterly loss narrowed from the previous three months after the world’s largest aluminum producer shut unprofitable plants and cut costs.
The net loss shrank to $172 million in the third quarter from $458 million in the second, Moscow-based Rusal said today in a statement. Adjusted earnings before interest, taxes, depreciation and amortization reached $130 million, in line with the $129.8 million average of six analyst estimates compiled by Bloomberg. The year-earlier loss was $118 million.
Slowing global economic growth has eroded demand for aluminum, dragging down prices for the metal used in cars, aircraft and drink cans. Supply of the metal is outpacing demand for a seventh consecutive year and will remain in surplus until at least 2018, Morgan Stanley estimated."
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