Rusal, the world’s largest aluminium producer outside China, recorded a return to profitability in the first half of 2026 as a surge in aluminium prices lifted margins and premiums in key markets. The Hong Kong-listed company reported an adjusted net profit of $196 million for the six months ended June 30, 2026, reversing a loss of $194 million in the same period a year earlier.
Revenue for the period rose 10.9% to $8.34 billion, a reflection of stronger market pricing. The company said the near-term pricing environment was shaped by supply disruptions, trade tariffs, and increased industrial demand, factors that helped push aluminium prices up to four-year highs before they retreated. Chairman Bernard Zonneveld noted that prices climbed to those multi-year peaks within a few months and subsequently fell back to earlier levels, but the interim spike generated record-high aluminium premiums for Rusal in several markets.
Costs rose alongside sales. Total sales costs increased 3.3% to $6.31 billion, with higher energy expenses cited as a primary driver. In its statement, Rusal characterised recent electricity tariff increases as temporary and said it expected tariffs to stabilise over the medium term. At the same time, the company cautioned that a sustained rise in electricity prices to the average level seen in the first half of 2026 could trigger an impairment.
Investors reacted positively to the turnaround: Hong Kong-listed shares of the company rose by more than 3% following the results. The firm’s improved top-line performance and the premium gains during the brief price spike were central to the swing back into profit, while energy cost pressures and tariff uncertainty remain notable headwinds.
This set of results highlights how commodity price volatility can rapidly alter the earnings profile of a major producer. For Rusal, a short-lived but sharp increase in aluminium prices translated into higher realized premiums in multiple markets, offsetting year-over-year losses and producing a positive adjusted net income for the half-year period.