Reuters reported that Russia VSMPO-Avisma, the world top titanium maker plans to raise output by 20% in 2011, following a rise in demand for the metal used in aircraft production.

The company located in the Ural Mountains and controlled by the Russian Technologies state holding has not yet reported its output results for 2010. It expected to produce 22,000 tonnes of light metal last year.

It said in a statement that VSMPO-Avisma a key supplier to both Boeing and EADS had to cut output in 2009 by 26.5% to 19,500 tonnes. Its net profit fell to USD 26 million from USD 99 million in 2008 and sales revenues fell to USD 978 million from USD 1.2 billion. Earnings before interest, tax, depreciation and amortization in 2009 were USD 176 million.

The statement said "Lower financial results in 2009 are directly linked to the influence of the global financial crisis. The 2010 financial results are expected to have been slightly better, but the crisis also had an impact on them."

(Sourced from Reuters)