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"Rusal" was not able to convince the government to create aluminum Fund

According to Deputy General Director of «Rusal», Vladislav Soloviev, expectations of financial results in the second half of 2014 the company increased slightly, given the collapse of the ruble to the truly grand lows against the euro and the dollar, and also due to the relatively high cost of metals. The depreciation of the ruble caused by the decrease in oil prices and the slowdown of the Russian economy, in turn, weakened the national currency is advantageous to exporters — the ever-increasing cost of aluminum provided «Rusal» the opportunity to make a profit in the second quarter for the first time for a period exceeding 12 months. Vladislav Soloviev convinced that 3 and 4 quarter of this year will remain in the green zone, because the cost of aluminum is at a high level.

The indicative cost of aluminum used for the production of packaging material, vehicles and aircraft, in the current year has demonstrated steady growth, reaching another record high in early September — about 2102 USD per ton. However, the September results were not as impressive — 7.4% increase since the beginning of the year, which amounted to 1 978 USD per ton. However, «Rusal» sells its own products for hard currency, while the cost of production is calculated in rubles. Thus the depreciation of the national currency of the company at hand in terms of competitiveness and reduce costs. The following year, the company plans is the payment of the debt, which is nearly 800 million. USD.

But for all the advantages of the situation, the government has not provided us the opportunity to create aluminum Foundation, despite requests guidance of «Rusal», although at the moment, according to Oleg Deripaska, might be put in the treasury of more than 700 mln. USD. Fund is not a new idea — the idea was first announced in late summer last year, but disagreements arose when discussing the sources of the funds needed for its development. Despite the fairly active discussion, financial institutions have stated that the risks in the incarnation of the project unnecessarily high in life, despite the fact that the idea is correct and has an economic feasibility study, taking into account the expected increase in the aluminum products consumption in Russia over the next 5−10 years. According to preliminary calculations, the amount of public fund of aluminum is 1 mln. Tons.

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