This morning in metals news, Russian aluminum giant United Company Rusal Plc (MCX:RUAL) had a big third quarter, VALE SA (NYSE:VALE) announced an iron ore supply deal with Emirates Steel and British Steel is potentially looking to make an acquisition in the U.S.
Rusal 3Q Earnings Up 42%

Russian aluminum giant Rusal reported its third-quarter earnings were up 42%, according to a Reuters report.

The firm also announced it had appointed a new CEO.

MetalMiner’s Take: It can’t come as a surprise to see strong financial performance by Rusal.

The company has benefitted from the extension of a sanctions deadline that would have made Rusal the pariah of the aluminum industry. Aluminum prices have held firm, raw materials remain in tight supply (particularly alumina) and the North American market has a real semi-finished material shortfall. It also appears as though Rusal has undergone enough restructuring to place Oleg Deripaska at an arm’s length position from the company, which underpinned the sanctions.