"Rusal", the former owner of MGZ, posted a loss of $455 million

The Russian “company “Rusal” finished 2025 with a net loss of 455 million dollars, whereas for the results 2024 it had a net profit of 803 million dollars. These figures are presented in the consolidated financial statements of the company for the year that ended 31 December 2025 . Revenue in this case rose to 14,812 billion dollars compared 12,082 billion dollars a year earlier.

However, the sales growth did not save the bottom-line. Cost of sales at the company jumped to 12,254 billion dollars compared 9,261 billion a year earlier, financial expenses — to 1,155 billion dollars compared 531 million, and the loss from foreign exchange differences amounted to 431 million dollars. Notes to the statements also show that transportation costs rose to 852 million dollars, and personnel costs included in the cost of sales — to 946 million dollars.

Another worrying signal — the auditors’ conclusion. The report states that geopolitical instability, existing and potential sanctions by the USA, the EU and other countries, supply chain issues, and volatility in currency and commodity markets create significant uncertainty about the group’s ability to meet its financial obligations on time and to continue operations without disruption.

For Mykolaiv this news has a separate subtext. The Mykolaiv Alumina Plant was included in 2000 in the technological chain of “Rusal”, and after the sanction-related removal of the asset in Ukraine the enterprise came under state control. In February 2026 the plant was included in the list of objects planned to be put up for privatization among the first, and the State Property Fund had previously explicitly stated that it is seeking a buyer for this asset.

Thus, against the backdrop of the decline in Rusal’s own financial results and the officially recognized risks to its future operations, the fate of the plant previously linked to this group in the past — MGZ in Ukraine — is already moving along a separate path — through state management, environmental risks and a future sale.

Earlier we wrote:

• MGZ is in a lawsuit with its own fund for UAH 10.2 million over an unfinished sports ground in Korablevyi
• An environmental timebomb near Mykolaiv — no money, but the MGZ director declared almost UAH 14 million in salary
• The Mykolaiv Alumina Plant will be put up for privatization as one of the first
• MGZ is running out of funds to service its sludge fields — a new environmental threat?
• MGZ will go under the hammer: in spring the government is launching the sale of sanctioned Russian assets

Earlier we wrote:

• The state took raw materials worth 2 billion from Deripaska
• Aluminum from the nationalized MGZ went under the hammer: starting price is UAH 8.8 million
• The former owner of MGZ, Russian oligarch Deripaska, was notified of suspicion and his managers were detained
• To replace MGZ: Rusal, the company of oligarch Deripaska, plans to build an alumina plant in Russia
• The US plans this week to impose a 200% tariff on aluminum from Russia, — Bloomberg