Real income of population in Russia won’t grow fast in near future — analystBusiness & Economy August 24, 8:19
Strategic bombers of Russian Air Force make flights over Pacific Ocean, Sea of JapanMilitary & Defense August 24, 6:59
UN envoy slams anti-Russian sanctions imposed over North KoreaRussian Politics & Diplomacy August 23, 21:29
Criminal case over Ukraine's map without Crimea and Donbass opened in KievWorld August 23, 21:17
Netanyahu says every encounter with Putin benefits Israel’s securityWorld August 23, 19:15
Netanyahu determined to prevent Iran from strengthening positions in SyriaWorld August 23, 18:21
Russia's military might on display at Army-2017 forumMilitary & Defense August 23, 18:20
Russian defense minister examines weapons seized from terrorists in SyriaMilitary & Defense August 23, 18:12
Grand Russian art exhibition to be held in Vatican in 2018Society & Culture August 23, 17:47
MOSCOW, March 9. /TASS/. Aluminum prices are at the lowest level in fifteen years and the metal price premium fell 60% throughout the year, Chief Executive Officer of the largest global aluminum producer Rusal Vladislav Solovyov said on Wednesday.
"The dramatic decline of prices continued in 2015. The average 2015 year price of $1,495 per tonne is the lowest level from the second half of 2009. We actually returned to the crisis level. Considering inflation, these are probably the lowest prices in fifteen years," Solovyov said.
"Further to the price decline on the exchange, we see dramatic plummeting of the aluminum premium to $179, being nearly 60% lower as compared to the fourth quarter of 2014," he added.
Rusal plans its capital expenditures at $550 mln per year till 2020, Vladislav Soloviev said.
"Currently the share of products with high-added value accounts for around 46% of our output whereas we target at no less than 60% by 2020. The total amount of investment that we plan to put in modernization of production, total CAPEX will stand at around $550 per year," Soloviev said.
Rusal plans to clear and refinance its debt worth around $1.3 bln in 2016, Deputy CEO and Director for strategy, business development and financial markets Oleg Mukhamedshin said Wednesday.
"This year repayments stand at around $1.3 bln, with part of them already repaid, part planned to be refinanced and part planned to be repaid using our own funds," he said.
"I would withhold forecasts regarding numbers as all will depend on the company’s money flow and dividends yielded from investing in other businesses and so on. In any case both sources are sufficient for settling our obligations this year," he added.
According to Mukhamedshin, at the end of last year Rusal raised around $220 mln for refinancing its debt. "Last quarter we made early redemption payments worth around $200 mln," he said.
As of December 31, 2015 Rusal’s net debt equaled $8.372 bln.