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Aluminium

UPDATE 3-RUSAL Sees Steady 2011 Aluminium Output Growth

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Indonesia Says Russia to Build $3 bln Nickel Smelter

HONG KONG/MOSCOW, Feb 14 (Reuters) - Russia's United Company RUSAL Plc, the world's largest aluminium producer, said on Monday it sees steady output growth in 2011, driven by strong demand from China and a rebound in North America.
Its shares closed at a record high on rising output and hopes that the aluminium giant is inching toward a sale of its stake in top world nickel miner Norilsk Nickel (GMKN.MM: Quote) which could effectively erase its debt of more than $11 billion.
Hong Kong and Paris-listed RUSAL (0486.HK: Quote)(RUAL.PA: Quote) said aluminium production was expected to grow 2 percent in 2011, roughly steady with last year's 3 percent rise to 4.08 million tonnes, with higher output seen at its Siberian smelters.
&quot;Growth in aluminium demand in regions other than China is expected to be strong, indicating that Western markets appear to have rebounded positively from the financial crisis,&quot; RUSAL said in a statement to the Hong Kong stock exchange.
Global demand for aluminium, used in everything from soft drink cans to building construction, would increase 8 percent to 43.8 million tonnes in 2011, with prices expected to remain above $2,500 per tonne, said RUSAL, which accounted for 10 percent of primary aluminium production in 2009.
The increase with higher output seen at its Siberian smelters was roughly steady with last year's 3 percent rise to 4.08 million tonnes.
&quot;Production for 2010 was generally in line with our forecast but the guidance for 2011 was a little lower than we are expecting,&quot; said Alexander Latzer, an analyst at Daiwa Securities Markets. He expect RUSAL's aluminium output to rise 5 percent this year.
Expected higher output at Rusal's Siberian smelters and the planned restart of the Windalco-Kirkvine Works Plant from July, would help lift production this year, it said.
RUSAL also said it would increase production of alumina, a key material in aluminium, by 8 percent this year after output also rose 8 percent to 7.8 million tonnes in 2010.
In the fourth quarter, Rusal produced 1.05 million tonnes of aluminium and 2.08 million tonnes of alumina 2010, based on Reuters calculations.
 
SHARES HIT RECORD
RUSAL's share saw its biggest single-day gain since it was listed in Hong Kong in 2010, and closed up 8.97 percent at a historic high of HK$13.62.
&quot;The rally is mainly news driven and Norilsk Nickel's offer seems a bit higher than market expected,&quot; said Peter Lai, a director at DBS Vickers.
RUSAL had instructed directors to review Norilsk's sweetened proposal to buy a 20 percent stake it held in the nickel miner and will make a decision by March 4, senior executives said.
Norilsk's directors softened their stance toward the aluminium giant on Monday, backing RUSAL's call to sack the board at a March 11 extraordinary shareholders meeting on the grounds the company's ownership structure had changed.
It has announced that Dutch-based trader Trafigura Beheer BV would buy 8 percent of Norilsk Nickel.
RUSAL kept up pressure on Norilsk, saying it had filed applications in British and U.S. courts demanding that law firms and banks including HSBC, Citi and Bank of New York hand over information on a disputed share buyback.
RUSAL, which owns 25 percent of Norilsk, also asked a court in Connecticut to force Trafigura Beheer BV, which has an office in Stamford, to produce information on its planned purchase of a stake in Norilsk. 
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SMM Morning Review - 2011/2/15 Lead Market

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