Rusal predicts 2011 growth in China and rebound in US

 
City A.M. Reporter
RUSSIA’S United Company Rusal, the world’s largest aluminium producer, said yesterday it sees steady output growth in 2011, driven by strong demand from China and a rebound in North America.

Hong Kong and Paris-listed Rusal said aluminium production was expected to grow two per cent in 2011, roughly steady with last year’s three per cent rise to 4.08m tonnes, with higher output seen at its Siberian smelters.

“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,” 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 eight per cent to 43.8m tonnes in 2011, with prices expected to remain above $2,500 per tonne, said Rusal, which accounted for 10 per cent of primary aluminium production in 2009.

The increase with higher output seen at its Siberian smelters was roughly steady with last year’s three per cent rise to 4.08m tonnes.