Rusal 0486

Re: Rusal 0486

Postby winston » Thu May 24, 2018 2:27 pm

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US sanctions-hit Rusal rises in Hong Kong on new CEO appointment and board reshuffle

It remains unclear if the reshuffle and plan by its oligarch owner to relinquish control of Rusal’s parent firm will help it meet US demands to be extricated from imposed sanctions

London-listed energy and resource conglomerate EN+ owns around 48.1 per cent of Rusal.

Deripaska resigned earlier this month as a director of En+ and has pledged not to seek re-election as a director of Rusal at the forthcoming annual general meeting to be held around June 28.


Source: SCMP

http://www.scmp.com/business/companies/ ... ntment-and
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Re: Rusal 0486

Postby winston » Fri May 25, 2018 7:05 am

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Sanctions-hit tycoon Deripaska asks Kremlin to buy some of his aluminium: source

by Darya Korsunskaya, Andrew Osborn

ST PETERSBURG, Russia/MOSCOW (Reuters) - Russian aluminium producer Rusal has asked the Russian government to purchase some of its output, a government source said on Thursday, in an effort to alleviate the pain inflicted by U.S. sanctions.

Rusal, the world’s second largest aluminium producer, also announced that its chief executive and seven board members had quit - part of a strategy it hopes will persuade Washington to lift the sanctions that have crippled its supply chain, cut it off from Western debt markets and scared off some of its customers.

The United States announced sanctions on Rusal and its main shareholder Oleg Deripaska on April 6, preventing customers with U.S. exposure from continuing to buy Rusal’s metal and sending aluminium prices to their highest in almost seven years amid fears of a supply shortage.

The government source, who spoke on condition of anonymity, said Deripaska had asked the government to start buying aluminium from Rusal and had also applied for loans for Rusal from Russian lender Promsvyazbank.

Deripaska also sought state support for automaker GAZ, which is part of his business empire and has also been affected by the sanctions, the source said.

Russian authorities have approved the loan for GAZ, but no decision has yet been made on the loan request for Rusal, according to the source.

There was no mention in the company’s statement about Deripaska ceding his control over the company, a step the U.S. government is likely to insist on before it considers lifting the sanctions.

“Opportunities to provide financing to the group on commercially reasonable terms will be very limited,” it said. “The company may not be able to maintain its operating performance at a certain level required to service and repay its indebtedness and that may result in current creditors accelerating repayment.”

Rusal resumed shipping aluminium to some customers last week following an extension of the deadline for companies to wind down contracts under the U.S. sanctions, sources told Reuters.



Source: Reuters

https://www.reuters.com/article/us-usa- ... SKCN1IP09G
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Re: Rusal 0486

Postby winston » Fri May 25, 2018 7:05 am

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Sanctions-hit tycoon Deripaska asks Kremlin to buy some of his aluminium: source

by Darya Korsunskaya, Andrew Osborn

ST PETERSBURG, Russia/MOSCOW (Reuters) - Russian aluminium producer Rusal has asked the Russian government to purchase some of its output, a government source said on Thursday, in an effort to alleviate the pain inflicted by U.S. sanctions.

Rusal, the world’s second largest aluminium producer, also announced that its chief executive and seven board members had quit - part of a strategy it hopes will persuade Washington to lift the sanctions that have crippled its supply chain, cut it off from Western debt markets and scared off some of its customers.

The United States announced sanctions on Rusal and its main shareholder Oleg Deripaska on April 6, preventing customers with U.S. exposure from continuing to buy Rusal’s metal and sending aluminium prices to their highest in almost seven years amid fears of a supply shortage.

The government source, who spoke on condition of anonymity, said Deripaska had asked the government to start buying aluminium from Rusal and had also applied for loans for Rusal from Russian lender Promsvyazbank.

Deripaska also sought state support for automaker GAZ, which is part of his business empire and has also been affected by the sanctions, the source said.

Russian authorities have approved the loan for GAZ, but no decision has yet been made on the loan request for Rusal, according to the source.

There was no mention in the company’s statement about Deripaska ceding his control over the company, a step the U.S. government is likely to insist on before it considers lifting the sanctions.

“Opportunities to provide financing to the group on commercially reasonable terms will be very limited,” it said. “The company may not be able to maintain its operating performance at a certain level required to service and repay its indebtedness and that may result in current creditors accelerating repayment.”

Rusal resumed shipping aluminium to some customers last week following an extension of the deadline for companies to wind down contracts under the U.S. sanctions, sources told Reuters.



Source: Reuters

https://www.reuters.com/article/us-usa- ... SKCN1IP09G
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Re: Rusal 0486

Postby winston » Fri May 25, 2018 7:05 am

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Sanctions-hit tycoon Deripaska asks Kremlin to buy some of his aluminium: source

by Darya Korsunskaya, Andrew Osborn

ST PETERSBURG, Russia/MOSCOW (Reuters) - Russian aluminium producer Rusal has asked the Russian government to purchase some of its output, a government source said on Thursday, in an effort to alleviate the pain inflicted by U.S. sanctions.

Rusal, the world’s second largest aluminium producer, also announced that its chief executive and seven board members had quit - part of a strategy it hopes will persuade Washington to lift the sanctions that have crippled its supply chain, cut it off from Western debt markets and scared off some of its customers.

The United States announced sanctions on Rusal and its main shareholder Oleg Deripaska on April 6, preventing customers with U.S. exposure from continuing to buy Rusal’s metal and sending aluminium prices to their highest in almost seven years amid fears of a supply shortage.

The government source, who spoke on condition of anonymity, said Deripaska had asked the government to start buying aluminium from Rusal and had also applied for loans for Rusal from Russian lender Promsvyazbank.

Deripaska also sought state support for automaker GAZ, which is part of his business empire and has also been affected by the sanctions, the source said.

Russian authorities have approved the loan for GAZ, but no decision has yet been made on the loan request for Rusal, according to the source.

There was no mention in the company’s statement about Deripaska ceding his control over the company, a step the U.S. government is likely to insist on before it considers lifting the sanctions.

“Opportunities to provide financing to the group on commercially reasonable terms will be very limited,” it said. “The company may not be able to maintain its operating performance at a certain level required to service and repay its indebtedness and that may result in current creditors accelerating repayment.”

Rusal resumed shipping aluminium to some customers last week following an extension of the deadline for companies to wind down contracts under the U.S. sanctions, sources told Reuters.



Source: Reuters

https://www.reuters.com/article/us-usa- ... SKCN1IP09G
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Re: Rusal 0486

Postby winston » Fri May 25, 2018 11:48 am

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Russian finance minister approves of Rusal management’s decision to leave company

That means that sanctions will be lifted soon, Anton Siluanov said

ST. PETERSBURG, May 24. /TASS/. First Deputy Prime Minister, Finance Minister Anton Siluanov approves of Rusal management’s decision to leave the company, he told reporters on the sidelines of the St. Petersburg International Economic Forum.

"That's good, that means that sanctions will be lifted soon," he commented on the news of the departure of Rusal's management.

According to him, it would be nice to see the American side’s sound approach to this issue.

"First, more time, which is absolutely realistic, because you need to conduct corporate procedures. On the other hand, the actions of Rusal are in the spirit of decisions that must be made so that these companies function steadily," he said.

Siluanov also said that Rusal, which has fallen under US sanctions, will receive support in the form of market loans, not from the budget. "Support will be provided in the form of loans under general market conditions," he said.

Source: TASS

http://tass.com/economy/1005874
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Re: Rusal 0486

Postby winston » Mon May 28, 2018 7:36 pm

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Deputy PM: Russia Developing Support Measures for Aluminum Industry

by Igor Mikhalev

ST. PETERSBURG (Sputnik) – The Russian authorities are developing measures aimed at supporting the national aluminum industry, Russian Deputy Prime Minister Dmitry Kozak told Sputnik.

“The measures aimed at supporting our aluminum industry are being developed. I have already met with the business [circles] and discussed that,” Kozak said on the sidelines of the St. Petersburg International Economic Forum (SPIEF).

In March, US President Donald Trump signed an order imposing 25-percent tariffs for steel imports and 10-percent tariffs for aluminum imports over national security reasons.

Meanwhile, the deputy prime minister has not mentioned which measures the government is going to undertake.

The SPIEF, held in St. Petersburg annually, is a major global platform for communication between business representatives and the discussions of the most pressing issues affecting politics, global economics, development and finance.

The forum was held on Thursday-Saturday with the Rossiya Segodnya International Information Agency being an official media partner of the forum.

Source: Sputnik News

https://sputniknews.com/business/201805 ... -measures/
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Re: Rusal 0486

Postby winston » Tue May 29, 2018 2:11 pm

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Rusal sees possible 70pc cut in production

by Donal O'Donovan

Rusal said output this year may be cut by as much as 70pc in a so-called "negative" or worst-case scenario if US imposed sanctions stay in place after October.

If sanctions remain in place Rusal may cut its 2018 output by between 30pc and 70pc, a scenario that may also lead to staff cuts, and the closure of plants, the report said.

The White House has given Rusal clients until late October to wind down business with the company or risk falling foul of US trade rules themselves.

Source: Bloomberg

https://www.independent.ie/business/wor ... 54154.html
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Re: Rusal 0486

Postby winston » Wed May 30, 2018 8:44 am

Vedomosti: Deripaska to axe Rusal shareholders agreement in bid for sanctions relief
Russian businessman Oleg Deripaska may axe an agreement between Rusal vestedshareholders,
a move requested by the US authorities to pull the aluminum producer out of sanctions, Vedomosti business daily reports citing sources.

Breaking off the agreement is the only way out of the current situation, the paper’s sources said, adding that the businessman sees no other chance to save the company.

Meanwhile, EN+ has not yet offered up the cancellation of a shareholder agreement to minority shareholders so far, one of the sources said, adding that no reorganization proposals have been put on the table either.

According to the deal, EN+ is considered to be the controlling shareholder of the company as long as its share exceeds 40% (currently it equals 48.1%). Initially, the document was meant to protect the rights of minority shareholders, a person close to one of the company’s co-owners said and which another source confirmed.

The agreement between En+, Glencore and Sual Partners of Victor Vekselberg and Leonard Blavatnik was signed when Rusal was set up in 2007. Back then, the partners merged their assets in the aluminum industry as En+ contributed Rusal, Sual Parterns - Sual, and Glencore - aluminum and metal plants in non-CIS countries.

Tertychny Agabalyan’s Ivan Tertychny considers the termination of the shareholder agreement to be a serious argument for En+ and Rusal in the discussion with the US Treasury. However, it does not guarantee an automatic exit from the sanctions, the expert adds.

"When making a decision, the US Treasury will take into account not only the judicial aspects of the shareholder agreement, but matter-of-fact aspects as well - how and who makes decisions for company’s management," he explained.

Moreover, Rusal was slapped with sanctions as an independent company, not as a subsidiary of En+, which means it may be not enough to terminate the shareholder agreement where EN+ is defined as a controlling shareholder, in order to get out of the sanctions list, Tertychny told Vedomosti.

Source: TASS

http://tass.com/pressreview/1006956
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Re: Rusal 0486

Postby winston » Sat Jun 09, 2018 4:56 am

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Tariffs and Sanctions Prompt Rusal to Move Stockpiles to Ports in May

07 JUNE 2018

Struggling beneath the yoke of aluminium tariffs and the millstone of sanctions imposed by the United States Treasury Department, Russian Federation smelter U.C. Rusal’s exports of aluminium appeared to rise sharply last month. However, according to sources, the movement of aluminium was to ports in an effort at freeing up space around the company’s plants.

Per Russian news agency Interfax, Rusal exported 197 thousand metric tons in May, tripling its output from the previous month. The agency referenced data from Russian Railways for the year-to-date total, which was 972 thousand metric tons, down by 16 percent from the year prior.

Sources with knowledge of the situation told Bloomberg say that the movement of raw aluminium along Russia’s railways was not for export, however. As the firm continues to face severe difficulty selling aluminium, Rusal has chosen to free up space around smelters by relocating stockpiles to storage facilities at Russian docks.

In addition to increasing space around Siberian smelters, laying up stockpiles at ports in St. Petersburg and Vladivostok , make shipping significantly easier once the virgin aluminium is sold, explained the anonymous source.

Though Rusal has been subject to crippling sanctions placed upon it by the United States government since April 6, the company has resumed shipments to some customers with preexisting contracts. The Treasury Department’s deadline extension for third-party compliance with the sanctions to October allowed for that resumption according to sources who spoke to Reuters.

Rusal shipped 3.95 million metric tons of aluminium over the course of 2017. Forty-two percent of that total was bound for European destinations.

Although U.S. Treasury Department sanctions are still firmly in place, Oleg Deripaska has begun to take steps to reduce his ownership in En+ Group, which has a sizable interest in Rusal. However, coupled with the Trump administration’s blanket 10-percent tariffs on imported aluminium, problems continue to grow for Rusal operations overseas as well as for several trading partners who rely upon a steady stream of raw aluminium from the world’s second-largest producer of it.

Source: Aluminium Insider

https://aluminiuminsider.com/rusals-alu ... sanctions/
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Re: Rusal 0486

Postby winston » Sat Jun 09, 2018 6:44 am

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Rusal faces more turmoil if U.S. sanctions not lifted by late August: sources

Rusal faces more turmoil if U.S. sanctions not lifted by late August: sources

By Polina Devitt, Dmitry Zhdannikov and Pratima Desai

Under the sanctions, U.S. customers have until Oct. 23 to wind down business with Rusal. As some orders can take up to two months to process and deliver to customers, particularly for value-added aluminium products, the sources said many customers will start to shun the company from August.

For Rusal's exports of primary aluminium, which is readily available, the Oct. 23 deadline is not so pressing as for value-added products because primary aluminium can be shipped from St Petersburg to Baltimore, for example, within three weeks.


One option currently under consideration is the creation of a blind trust, which would be run by independent administrators and into which Deripaska could park some of his En+ shares, a source familiar with the matter told Reuters.

Another option would be for En+ to purchase part of Deripaska's stake in En+, sources told Reuters in late May.


Source: Reuters

https://www.firstpost.com/business/rusa ... 03071.html
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