Rusal, led by Russian tycoon Oleg Deripaska, said its programme to reduce output had allowed it to save $40 per tonne in the cash cost of aluminium.

As well as low aluminium prices, the company has the expense of servicing its net debt of around $10 billion.

“Rusal continues to react to the current market conditions and may consider further actions to improve its cost position in the industry,” Vladislav Soloviev, its first deputy chief executive, said in a statement.

Rusal has cut aluminium production by 324,733 tonnes, or by 8% of 2012 production volume, the company added. This compares with its goal to cut output by 357,000 tonnes this year as a whole.

The company also plans to cut 2014 aluminium production by 647,504 tonnes, or by 15 percent of 2012 volume.