{"id":577313,"date":"2026-03-18T15:15:30","date_gmt":"2026-03-18T13:15:30","guid":{"rendered":"https:\/\/korabelov.info\/2026\/03\/577313\/rusal-the-former-owner-of-mgz-posted-a-loss-of-455-million\/"},"modified":"2026-03-18T15:15:33","modified_gmt":"2026-03-18T13:15:33","slug":"rusal-the-former-owner-of-mgz-posted-a-loss-of-455-million","status":"publish","type":"post","link":"https:\/\/korabelov.info\/en\/2026\/03\/577313\/rusal-the-former-owner-of-mgz-posted-a-loss-of-455-million\/","title":{"rendered":"\"Rusal\", the former owner of MGZ, posted a loss of $455 million"},"content":{"rendered":"

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

However, <\/span>the <\/span>sales <\/span>growth <\/span>did <\/span>not <\/span>save <\/span>the <\/span>bottom-line. <\/span>Cost <\/span>of <\/span>sales <\/span>at <\/span>the <\/span>company <\/span>jumped <\/span>to <\/span>12,254 <\/span>billion <\/span>dollars<\/span><\/strong> compared <\/span>9,261 <\/span>billion<\/span><\/strong> a <\/span>year <\/span>earlier, <\/span>financial <\/span>expenses \u2014 <\/span>to <\/span>1,155 <\/span>billion <\/span>dollars<\/span><\/strong> compared <\/span>531 <\/span>million<\/span><\/strong>, <\/span>and <\/span>the <\/span>loss <\/span>from <\/span>foreign <\/span>exchange <\/span>differences <\/span>amounted <\/span>to <\/span>431 <\/span>million <\/span>dollars<\/span><\/strong>. <\/span>Notes <\/span>to <\/span>the <\/span>statements <\/span>also <\/span>show <\/span>that <\/span>transportation <\/span>costs <\/span>rose <\/span>to <\/span>852 <\/span>million <\/span>dollars<\/span><\/strong>, <\/span>and <\/span>personnel <\/span>costs <\/span>included <\/span>in <\/span>the <\/span>cost <\/span>of <\/span>sales \u2014 <\/span>to <\/span>946 <\/span>million <\/span>dollars<\/span><\/strong>. <\/span><\/p>\n

Another <\/span>worrying <\/span>signal \u2014 <\/span>the <\/span>auditors’ <\/span>conclusion. <\/span>The <\/span>report <\/span>states <\/span>that <\/span>geopolitical <\/span>instability, <\/span>existing <\/span>and <\/span>potential <\/span>sanctions <\/span>by <\/span>the USA<\/span><\/strong>, <\/span>the EU<\/span><\/strong> and <\/span>other <\/span>countries, <\/span>supply <\/span>chain <\/span>issues, <\/span>and <\/span>volatility <\/span>in <\/span>currency <\/span>and <\/span>commodity <\/span>markets <\/span>create <\/span>significant <\/span>uncertainty <\/span>about <\/span>the <\/span>group’s <\/span>ability <\/span>to <\/span>meet <\/span>its <\/span>financial <\/span>obligations <\/span>on <\/span>time <\/span>and <\/span>to <\/span>continue <\/span>operations <\/span>without <\/span>disruption. <\/span><\/p>\n

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

Thus, <\/span>against <\/span>the <\/span>backdrop <\/span>of <\/span>the <\/span>decline <\/span>in <\/span>Rusal’s <\/span>own <\/span>financial <\/span>results <\/span>and <\/span>the <\/span>officially <\/span>recognized <\/span>risks <\/span>to <\/span>its <\/span>future <\/span>operations, <\/span>the <\/span>fate <\/span>of <\/span>the <\/span>plant <\/span>previously <\/span>linked <\/span>to <\/span>this <\/span>group <\/span>in <\/span>the <\/span>past \u2014 <\/span>MGZ<\/span><\/strong> in <\/span>Ukraine <\/span>\u2014 <\/span>is <\/span>already <\/span>moving <\/span>along <\/span>a <\/span>separate <\/span>path \u2014 <\/span>through <\/span>state <\/span>management, <\/span>environmental <\/span>risks <\/span>and <\/span>a <\/span>future <\/span>sale. <\/span><\/p>\n

Earlier <\/span>we <\/span>wrote:<\/span><\/strong><\/p>\n