Revenues at the Aughinish Alumina refinery last year increased by 15% to $757.1m (€684m) in spite of US Treasury sanctions imposed on the Limerick company’s parent firm.

The directors of the firm which operates the Aughinish Alumina refinery said as recently as mid-September they expected a solution to be reached with the US Treasury over sanctions imposed on the Limerick company’s parent.

The largest alumina refinery in Europe, Aughinish Alumina on the Shannon estuary, went back into the red last year.

Rusal Aughinish on the Shannon Estuary, the largest alumina refinery in Europe, returned to profit last year to record pre-tax profits of $15.59m (€12.15m).