SUAL Group consolidates shares in Nadvoitsk Aluminum Works

The SUAL Group has consolidated about 60% of the shares in the Nadvoitsk Aluminum Works (the Republic of Karelia), the SUAL Press Service reported. In June 2001 the SUAL Group bought 37% of the shares in the Nadvoitsk Aluminum Works from a group of individual shareholders and portfolio investors.

The aluminum works produced 72.3 tons of aluminum in 2001, whereas the works' capacity is about 67,000 tons of aluminum a year. The SUAL Group comprises 19 enterprises in the aluminum industry. It produces 90% of Russia's bauxite, 60% of alumina and 20% of aluminum.

The Nadvoitsk Aluminum Works is one of the largest enterprises in Karelia. It was built in 1954. A reconstruction of the works started in 1995 to shift to the most environmentally friendly technology of aluminum production. The company's staff consists of 1,900 people.

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