Rusal Q4 core earnings surge, Deripaska steps down

Russian aluminium giant Rusal posted a 42% jump in fourth-quarter core earnings on Friday, helped by higher aluminium prices, and announced billionaire Oleg Deripaska would step down as president, as expected. Hong-Kong listed Rusal said fourth-quarter earnings before interest, taxation, depreciation and amortisation (Ebitda) rose to $586-million from $412 million in the last quarter of 2016. Analysts had expected core earnings of $598-million.