According to Mining.com, citing Reuters, Russian aluminum company Rusal reported on Friday that its 2024 profits nearly tripled, largely driven by rising prices of aluminum and alumina. Aluminum is crucial for decarbonization, and demand for it is on the rise.

　Rusal is one of the world’s largest aluminum producers. In 2024, its net profit reached $803 million, an increase of 184.8% from $282 million in 2023.

Rusal pointed out that, driven by increasingly stringent global emission standards, growing consumer demand for sustainable products, and the rising importance of ESG (environmental, social, and governance) criteria, the global transition to clean energy is accelerating in 2024.

In 2024, the transportation industry will remain the largest global user of aluminum. Despite a slight decline in overall vehicle production last year, its consumption of aluminum continues to grow.

In a report to the Hong Kong Stock Exchange, Rusal stated, “Driven by stringent emission regulations, government incentives, and advancements in battery technology, the electric vehicle market is experiencing rapid growth.”

　The company is one of the few remaining Russian enterprises listed on major global exchanges.

Rusal stated that the development of charging infrastructure and growing consumer demand for sustainable transportation are the key drivers behind the growth of electric vehicles.

Rusal warned that ongoing geopolitical uncertainties, including potential sanctions imposed by the United States, the European Union, and other countries, could significantly impact market supply.