Unsold aluminium piling up at sanctions-hit Rusal factory

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Russian aluminium giant Rusal is stockpiling large quantities of aluminium at one of its plants in Siberia because US sanctions imposed this month have prevented it from selling the metal to customers, four sources close to the company said.

With the firm’s own storage space filling up with unsold aluminium, Rusal executives in Sayanogorsk, in southern Siberia, have had to rent out additional space to accommodate the surplus stock, one of the sources told Reuters.

“Aluminium sales have broken down. And now the surplus aluminium is being warehoused in production areas of the factory itself,” said someone who works on the grounds of one of Rusal’s two plants in Sayanogorsk.

Several people connected to Rusal said that Oleg Deripaska, the company’s main shareholder who along with the company was included on a US sanctions blacklist, visited Sayanogorsk this week for a closed-door meeting with staff.

Asked if the firm was stockpiling aluminium in Sayanogorsk, a Rusal spokeswoman declined to comment.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow