Alumina output was up 4% to 8.154Mt while bauxite production was 13.473Mt in 2011 an increase of 14% compared to 2010.

Rusal CEO Oleg Deripaska said he expected demand to remain stable in the mid to medium term despite the slowdown in the world economy last year.

Global demand for aluminium will increase by 7% to 48.2Mt in 2012.

More than 3-4Mt of global production will be idled in 2012 as aluminium prices are estimated to be below the majority of aluminium producers’ break-even point. It believes the aluminium market will become balanced in 2012.

It expects the Eurozone financial crisis and slowdown or hard landing in Chinese growth may continue to dominate the outlook for the metal markets with recovery coming in Q2 2012.

European consumption will remain flat in H1 2012, offset by moderately higher US demand and continued growth in China’s consumption in 2012.

It predicts 2012 global consumption to be 48.2Mt – a 7% growth, with China the largest growing market (11% growth), followed by India (10% growth), Japan (5% growth), North America (5% growth), Latin America (5% growth).

Consumption growth in Europe in 2012 will be flat to 2011 levels.