SUAL to buy stake in aluminum smelter

10.01.2003 04:14

Russia's second largest primary aluminum producer SUAL said on Thursday it had agreed to buy a 32 percent stake in the Nadvoitsy smelter from sector leader RusAl to take control over the plant.

SUAL already owns 37 percent of Nadvoitsy, Russia's eighth largest aluminum smelter located in Karelia on the Russian-Finnish border. It also has a deal with another major shareholder; board chairman Alexey Bezrukov, to join forces to gain voting control over the plant with a joint 60 percent stake. The plant, built in 1954, produced around 74,000 tons of aluminum in 2002, the Russia Journal reported.

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