Ukrainian Army units shell Donetsk Republic in first hours of newceasefireWorld June 24, 5:19
Politician says Russia vs Mexico football game will be interesting to watchSport June 23, 21:11
Kyrgyz president sees revival of relations with Russia as major result of his tenureWorld June 23, 20:49
Ex-premier says initiative to impeach Poroshenko stems from Ukraine’s economy collapseWorld June 23, 20:20
This week in photos: Confederations Cup opening and summer solstice celebrationsSociety & Culture June 23, 19:11
Turkish ambassador to Russia: Moscow and Ankara to join efforts in war on terrorWorld June 23, 18:45
Ukraine’s finance ministry files appeal to London Court against Russia in $3 bln debt caseBusiness & Economy June 23, 18:42
Ukrainian society tired of Poroshenko’s policy — expertRussian Politics & Diplomacy June 23, 17:58
Deutsche Welle sees Russian international broadcasters as threat to European ideasWorld June 23, 17:34
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.