Owners ZALKA and NGZ reduce the investment program

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The Russian aluminum united company reconsidered the volume of investment planned for 2009 towards fall, made the decision on aluminum and alumina reduction in production, and also on reduction of management expenses and personnel optimization.

As they say in "RUSAL" message, such decisions were made within the program "on implementation of the complex measures directed on cut in expenditure, production optimization, decrease in prime cost and strengthening of a position of the company as most effective producer of aluminum".

The general reduction of outputs of aluminum which is planned to carry out till April 1, 2009, will make 500 thousand tone (11% of the total amount of release). Still at the end of last year the company declared reduction in production on 180 thousand tons, however, "proceeding from the current situation in the world market, and also for decrease in an environmental pressure and reduction of expenses", the decision on production reduction in addition on 320 thousand tons was made. The company intends to finish aluminum reduction in production until the end of the first quarter of this year.

Besides, "RUSAL" to the middle of this year plans to reduce production of alumina that is caused by decline in demand for the main raw materials for aluminum production from - for closings of aluminum capacities with the international companies by 3,45 million tons (30%).

The company temporarily stops production at the Italian enterprise Eurallumina and aluminous Windalco in Jamaica, reduces by 59% production on the Jamaican Alpart, for 37% - on Aughinish in Ireland. It is planned to finish the program for reduction of production of alumina in the second quarter of this year.

The program also includes decrease in cost of aluminum production until the end of the I half-year for 34%, reduction of management expenses for 60%.

By the end of January of this year cost of aluminum production at plants of "RUSAL" was already reduced by 27% in comparison with the third quarter of last year.For further minimization of prime cost the aluminum company intends "to use practice of the conclusion of long-term contracts on electric power purchase in the free market for all enterprises", and also to coordinate new conditions of transportation of products, to choose the most optimum for this purpose routes (will allow to cut down transportation expenses for 10%).

The investment program of "RUSAL" this year was lowered to 500 million dollars in comparison with the figure declared earlier in 1 billion dollars. The company also intends to reconsider terms of implementation of projects on construction of Tayshetsky aluminum plant and Komi - Aluminium. Priority this year "RUSAL" calls Boguchansky's construction power - a metallurgical complex.

At the end of last year Alexander Bulygin who held at that time a position of the director general of the company, declared in interview to "Interfax" that start of Tayshetsky aluminum plant is postponed to 2010, and its conclusion to full capacity - respectively, for 2012. As it was reported, the total amount of investments into the 750 thousand tons Tayshetsky aluminum plant of aluminum is planned at the level of 2 billion dollars, the first metal "RUSAL" planned to receive earlier at the end of 2009, the end of construction is planned for 2011.

In February of last year "RUSAL" already declared revision of terms of implementation of the Komi project - Aluminium from - for unresolved with "Gazprom" of a question of providing the project natural gas. Complex input in operation will allow to increase outputs of the Russian alumina to 4,5 million tons per year, and also to increase security with own raw materials from 40% to 70-80%.

"I am sure that our measures for reduction of prime cost will allow "RUSAL" to strengthen a leading position among world aluminum corporations on level of expenses for ton of made aluminum that will provide a steady financial position of the company, despite of rather low prices of aluminum", - the head and the main owner of the company Oleg Deripaska whose are quoted in the message told.

We will remind, in Ukraine to "Russian aluminum", the company created in March, 2007 as a result of association of RUSAL, SUAL and aluminous assets of Glencore, the Zaporozhye aluminum combine and the Nikolaev aluminous plant belongs.

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