Rusala's top management, including CEO Alexandra Buriko, is resigning due to US sanctions. The statement was released to the Hong Kong Stock Exchange. This was reported on May 24, 2018 by the company’s press service.
Buriko resigned from her post on May 23. The duties of general director will be performed by 52-year-old Evgeny Nikitin. As of June 28, members of the board of directors Vladislav Solovyov, Siegfried Wolf, Maxim Sokov, Dmitry Afanasyev, Gulzhan Moldazhanova, Olga Mashkovskaya and Ekaterina Nikitina will leave their posts.
The statement said that since April 2018, the company, acting in the interests of its creditors, shareholders and partners, has been in ongoing discussions with the authorities to find a way to ease sanctions that were imposed by the Office of Foreign Assets Control. It is noted that the sanctions will have a negative impact on metal production and sales, which could lead to a reduction in the group’s EBITDA and cash flows.
Earlier, on April 6, the US Treasury imposed new sanctions against Russian individuals and legal entities, including several domestic billionaires and heads of corporations from the circle of Russian President Vladimir Putin - Oleg Deripaska, Viktor Vekselberg, Igor Rotenberg, Kirill Shamalov, Alexey Miller. The list included 26 people and 15 companies. The Ministry of Finance explained the new sanctions by the situation in Ukraine and Syria, as well as Russia’s attempts to undermine “Western democracy.”
The announcement of the sanctions brought down the stock prices of Deripaska-controlled Rusal, one of the world's largest aluminum producers, and called into question the company's performance of contracts and debt obligations. Later, the United States reported that restrictions on cooperation with Rusal under the sanctions could be lifted if the businessman renounces control in the company.
A few days later, the director of strategic projects at Renova, Maxim Goldman, and the executive director of ONEXIM, Daniel Wolf, left the board of directors of UC Rusal. Before them, Glencore CEO Ivan Glasenberg and independent director Philip Lader left the board of directors of UC Rusal.
Later, on May 18, Oleg Deripaska resigned from the board of directors of En+, the largest shareholder of UC Rusal. En+ said in a statement that the company's board of directors unanimously accepted Chairman Gregory Barker's Barker Plan to lift sanctions on En+ and its subsidiaries. The "Barker Plan" aims to reduce Deripaska's stake below 50% and end his influence on the board by appointing new members.
A month after the introduction of sanctions, Rusal assessed their impact on its business as negative. The day before it became known that VTB Bank stopped lending to Oleg Deripaska and the companies controlled by him after they were included in the US sanctions list.
... read more >For staff RUSAL optimal conditions for development have been created. To improve the professional training of employees, the company pays increased attention to personnel training in all departments and at all levels of management. We pay attention not only to finding the best specialists, but also to the development of our employees, their motivation and social support. We strive to create conditions for personal and professional growth of employees and provide the most comfortable atmosphere for creativity and self-realization.
The formation and development of a personnel reserve is a strategic task of the company. Since 2017, we have continuously continued to implement a modular training program for reservists. The development program is based on the corporate competency model and is adapted for different job levels. The program is aimed at developing competencies in such areas as performance management, goal setting and outcome assessment, staff motivation, systems thinking, environmental thinking, intersectoral communication, and leadership.
Professional development of employees is one of the key elements of the strategy RUSAL in the field of human resources. We encourage the desire for new knowledge and make every effort to help our employees grow and explore new professional horizons. Workers RUSAL have the opportunity to undergo specialized trainings and seminars, receive additional education at the best Russian and foreign universities and gain work experience at the company's largest enterprises by participating in internship programs. Each employee RUSAL One of the best corporate distance learning systems is available, which is also used in educational institutions in the regions of presence.
Since 2017 in RUSAL The “New Generation” internship program is being successfully implemented, which is aimed at attracting young promising employees and gives its participants the opportunity to undergo a paid internship at any enterprise or structural division of a company in Russia.
The internship is designed for 6 months for managers and specialists and 3 months for representatives of blue-collar professions. Each trainee receives a mentor and an HR supervisor, who draw up an individual training and development program, help them adapt to the enterprise and plan their time so as to combine practice and training. Along with attractive conditions, serious requirements are imposed on potential candidates: a high average score, the presence of their own research, participation in grants, scholarships and other incentive programs, and knowledge of foreign languages. In addition to the knowledge gained, upon successful completion of the program, participants receive the opportunity to find permanent employment in RUSAL.
In order to motivate employees to work effectively and develop, the company annually holds a competition "RUSAL Professionals". It involves specialists in blue-collar professions and employees working in the field of management. In addition to Russian employees RUSAL, the best employees of the company at enterprises in Armenia, Ukraine, and Guinea take part in the competition.
Participants "RUSAL Professionals" become the best employees of the company who do not have violations of labor discipline, industrial and environmental safety standards. According to the terms of the competition, both knowledge of the theoretical basis and the ability to apply this knowledge in practice are assessed.
"Russian Aluminum"
Short name: OJSC "RusAl"
State registration authority: State Registration Chamber under the Ministry of Justice of the Russian Federation
Date of state registration: December 25, 2000
Legal address: Russian Federation, building 1
Postal address: Russian Federation, building 1
E-mail: *****@***ru
Management: General Director
Number of employees: 71788
Registration company: Open joint-stock company "S. T."
Auditor: Closed Joint Stock Company "PricewaterhouseCoopers Audit"
Company characteristics
RusAl is one of the leading Russian corporations, uniting the largest alumina mining enterprises, aluminum smelters and processing enterprises. The RusAl company ranks second in the world in the production of primary aluminum and unites 20 aluminum industry enterprises around the world.
The RusAl company was founded in March 2000 as a result of reaching an agreement between the shareholder groups of IPG Siberian Aluminum and OJSC Sibneft to combine assets involved in the production and processing of aluminum.
In accordance with the requirements of the law and the permission received from the Ministry of Aviation Administration of Russia in 2001, shares of the Krasnoyarsk Aluminum Plant (66.13% of shares), the Bratsk Aluminum Plant (98.35%), and Novokuznetsk Aluminum Plant (66.0%), United Company Siberian Aluminum, which includes Sayan Aluminum Plant, Samara Metallurgical Plant and Sayansk Foil Plant (95.79%), Achinsk Alumina Refinery " (54.09%), "Belokalitvensky Metallurgical Production Association" (75.0%), "Dmitrovsky Experimental Plant of Aluminum Canning Belt" (78.51%), "Rostar" Aluminum Packaging Plant (100%), "Aluminum Construction structures" (100%), "Household aluminum products" (75.1%).
As part of solving the problem of increasing management efficiency, centralizing management and control functions in RusAl, at the end of 2002, a subsidiary company was created - the Management Company, which will take over a number of the most important areas of activity of the entire holding, in particular, determining the paths of strategic development, modernization and expansion of production, implementation of personnel and financial policies. The new management structure came into force on 02/01/2003.
Share capital and share market
The authorized capital of Russian Aluminum Management OJSC is RUB. and divided into ordinary shares with a par value of 1 rub. Currently, RusAl shares are owned by a limited number of investors and are not listed on the stock exchange.
Subsidiaries
Name
Share in the authorized capital, %
JSC "Aluminum building structures"
OJSC "Bratsk Aluminum Plant"
OJSC "Dmitrov Experimental Plant of Aluminum Canning Belt"
Dmitrov, Moscow region, pos. Kanalstroy, building 1
JSC "Household Aluminum Goods"
OJSC "Novokuznetsk Aluminum Plant"
JSC "Nadvoitsky Aluminum Plant"
Republic of Karelia, Nadvoitsy village, st. Zavodskaya, 1
OJSC "Krasnoyarsk Aluminum Plant"
0, JSC "KrAZ"
OJSC "Achinsk Alumina Refinery"
Production activities of the company
The company extracts raw materials and produces finished products and semi-finished aluminum products based on them, expanding the range of products and the scope of their application beyond the currently served industries: automotive, aerospace, construction, packaging production, etc.
The main types of products manufactured by the holding enterprises are:
- primary aluminum and products made from it: primary wrought alloys, primary casting alloys, wire rod for the cable industry, ingots for the cable industry, deoxidizers for ferrous metallurgy; semi-finished products from rolling products, foundries, pressed products, forging and stamping products, pipe products, auto and aircraft materials; foil and packaging materials produced by the Sayan Foil and Armenal plants (Yerevan); aluminum cans for drinks and lids for them, produced by Rostar; a wide range of architectural profiles produced by the Mosmetallokonstruktsiya plant; Consumer goods (cookware with non-stick coating, etc.); other products (chemical products, cryolite, electrolyte).
18,736 tons of aluminum more than planned were produced by RusAl enterprises in 2002, of which 7 thousand tons above the plan were produced by the Sayanogorsk Aluminum Plant (SAZ), 5 thousand tons by KrAZ, BrAZ exceeded the plan by 1,432 tons, and 4,632 tons by BrAZ. Novokuznetsk Aluminum Plant (NkAZ). Thus, the production of primary aluminum increased by 1% compared to 2001 and amounted to 2,482,434 tons.
The main share in the production of primary aluminum is occupied by BrAZ (36%) and KrAZ (35%). In 2002, the Bratsk Aluminum Plant produced 915.88 thousand tons of metal, increasing its production by 1.5% (915.8 thousand tons) compared to 2001. KrAZ increased the production of primary aluminum by 1%, reaching the level of 864 .87 thousand tons.
A significant increase in aluminum production was recorded in the second half of 2002. The increase in production indicators was due to the modernization of production facilities and the creation of an Engineering and Technology Center (ETC), whose tasks include the unification of production, i.e. the development of a common electrolysis and anode technology for all plants , casting, gas and water purification. ITC also began to engage in the implementation of investment projects; pilot sites for the implementation of the assigned tasks were organized at KrAZ and SAZ, where an extensive program for modernizing production facilities was prepared and launched.
In 2002, 2.2 million tons of commercial aluminum were exported, in particular, to Europe - 1 million tons (46%), to the USA - 474 thousand tons (21% of the total volume of exported commercial aluminum).
Alumina production in 2002 increased by 3.7% compared to 2001 and amounted to 2161 thousand tons. The leader in alumina production is the Guinean Compagnie de Bauxites de Kindia, which produced 1822.9 thousand tons of alumina; The Achinsk Alumina Refinery increased output by 69.5 thousand tons and reached the level of 1034.5 thousand tons; The Nikolaev Alumina Refinery, which produces the highest quality products, produced 1,126 thousand tons of products in 2002.
RusAl enterprises produced aluminum semi-finished products - flat rolled products, stamped and forged metal products - 20% more than in 2001, amounting to 221.73 thousand tons. Moreover, the increase was mainly due to flat rolled products, the output of which increased by a quarter .
Foil production remained at the same level, but the production of aluminum cans increased by 26.5% and amounted to 809.14 thousand tons in 2002.
The main achievements of RusAl in 2002 were:
Expanding international presence, including participation in the development of joint projects in India and Nigeria and the conclusion of agreements for a 25-year lease of the Friguia alumina processing plant in Guinea;
Creation of ITC in Krasnoyarsk;
Start of implementation of a project to create a service center with the aim of centralizing repair and restoration work at the company’s aluminum plants;
Deep reorganization and rationalization of the management structure, attracting a number of foreign managers to work in key positions and in the company’s marketing areas;
Increased sales of high value-added products - as a result of investments in the production of flat billets for sheet rolling and silicon alloys, as well as successful joint cooperation with the Norwegian company Hydro Aluminum in Sayanogorsk for the production and sale of high-quality extrusion ingots.
In addition, RusAl strengthened its environmental activities; in 2002, RusAl's direct costs for these activities, excluding the environmental effect of investment projects being implemented, amounted to $6.3 million, while the reduction in harmful emissions reached 1.26%.
Company development prospects
In 2003, the holding will continue to develop its production base and modernize enterprises for the production of alumina and primary aluminum. Key modernization programs will be implemented at KrAZ and SAZ. RusAl enterprises will develop technologies for installing 300 kA electrolyzers.
In 2003, it is planned to complete the consolidation of RusAl's assets in order to transform all of the company's assets into a single holding, while the optimization of the company's management structure will continue.
Further growth in production volumes is planned in the main areas of RusAl's activities - bauxite mining, production of alumina, primary aluminum and processed products. The main projects that will be launched this year include the start of construction of the second stage of SAZ and the completion of construction of the ROSTAR-2 plant.
It is also planned to reduce the level of harmful emissions by another 1.7%. Among the most important environmental programs that RusAl will continue to work on in 2003 is the modernization of gas purification systems at the company's alumina and aluminum plants and the anode mass shops at KrAZ and BrAZ.
In 2003, it is planned to export 2.2 million tons of commercial aluminum (the same as in 2002), but at the same time changing the export structure: 883 thousand tons of aluminum are planned to be supplied to Europe (40% of total exports ), i.e. 13.6% below the level of 2002, and in the USA to increase exports to 573 thousand tons (from 21% in 2002 to 26% in 2003), it is also planned to slightly increase aluminum exports to Asian countries. The increase in metal supplies to the domestic market will be insignificant.
Currently, RusAl is negotiating with the Alyukom-Tayshet company about combining projects for the construction of aluminum smelters in the Irkutsk region.
At the end of December 2002, Sberbank of the Russian Federation provided RusAl with an investment loan of $70 million for a period of 5 years. The funds are intended to finance the construction of a plant for the production of aluminum cans in Vsevolozhsk. According to the project, the capacity of the new plant will be 1.7 billion cans with a capacity of 0.5 liters and 1.5 billion caps per year.
Financial indicators
RusAl's income for 2002 is estimated at $3.96 billion, which is 3.5% lower compared to $4.1 billion in 2001. This is due to the stagnation of the world aluminum market in 2002 and the decline in world prices for aluminum. In 2002, the company increased its loan portfolio with a significant improvement in the structure of rates and conditions. The total volume of external borrowings of RusAl reached $1.5 billion, which is 40% higher than the level of 2001.
Analytical department of RIA "RosBusinessConsulting"
Company materials were used in preparing the review
United Company RUSAL is the world's largest aluminum producer. The main part of the company's products consists of primary aluminum, aluminum alloys, foil and alumina. UC RUSAL's assets include the entire complex of enterprises involved in the production chain of the final product - from mining plants to aluminum and foil rolling plants. This allows the company to control all stages of the production process, ensuring high quality products.
RUSAL plants and representative offices are located in 19 countries on five continents. At the same time, RUSAL's main production facilities are located in Siberia, which gives the company two important advantages: access to renewable and environmentally friendly hydroelectric power and proximity to the most promising world market - China.
In the context of the ongoing imbalance of supply and demand in the global primary aluminum market, RUSAL is optimizing its own production. The company is suspending metal production at the least efficient plants in order to repurpose it for the production of products with high added value. In return, RUSAL is building new highly efficient aluminum smelters in Eastern Siberia, which will allow the company to provide its customers with aluminum when the balance of supply and demand in the market is restored.
Access to rich bauxite deposits allows RUSAL to provide its production with its own raw materials for at least the next 100 years.
RUSAL is one of the three most efficient aluminum producers in the world and plans to take first place in this indicator. Its own scientific and technical base allows the company to create and implement new developments that optimize production and reduce its cost.
Another important strategic goal of RUSAL is to diversify its business by creating its own energy base, which will completely satisfy at least 60% of the company's electricity needs. As part of this strategic goal, RUSAL, together with the RusHydro company, is building a new hydroelectric power station - Boguchanskaya - in the Krasnoyarsk Territory, and is also participating in a joint venture to develop the Ekibastuz coal deposit in Kazakhstan.
The scale of RUSAL's activities, its competitiveness and potential, as well as good prospects for the aluminum industry, create a solid foundation for the company's long-term and successful activities in the interests of employees, shareholders, and the population of the countries and regions of its presence. RUSAL's sustainable development strategy is aimed at achieving this goal.
1. RUSAL's mission
Our mission is to become the most efficient aluminum company in the world, which we and our children can be proud of.
Through the success of RUSAL - to the prosperity of each of us and society.
2. RUSAL values
In our Company we especially value:
Respect for the personal rights and interests of our employees, customer requirements, terms of interaction put forward by business partners and society.
Fairness, which implies payment in accordance with the results achieved and equal conditions for professional growth.
Honesty in dealings and providing information necessary for our work.
Efficiency as consistently achieving maximum results in everything we do.
The courage to confront what we do not accept, and to take personal responsibility for the consequences of our own decisions.
The care shown in our desire to protect people from any harm to their life and health and to preserve the environment around us.
Trust in employees, allowing you to delegate authority and responsibility for decision-making and their implementation.
By living our values, we will be able to maintain the culture we need to achieve excellence in all our business endeavors.
Our values are reflected in our successes, are binding on us and are offered to everyone who cooperates with us. We do not compromise our values for the sake of profit. We perceive them as the connecting link in all areas of our activities and expect the same in our relationships with our business partners.
United Company "RUSAL" (OK RUSAL, Russian aluminum, United Company RUSAL, UC Rusal) is a Russian aluminum company, one of the world's largest producers of primary aluminum and alumina. The total capacity of all the company's aluminum smelting plants is 4.3 million tons, and for alumina production - 11.5 million tons. The main markets are Europe, Russia and the CIS countries, North America, Southeast Asia, Japan and Korea. Key consumer industries: transport, construction, packaging. The company has its own engineering and technological base. Together with the Kazakh holding Samruk-Kazyna, RUSAL owns an enterprise to develop the Bogatyr open-pit mine of the Ekibastuz coal deposit. RUSAL owns a 27.8% stake in MMC Norilsk Nickel, the world's largest producer of nickel and palladium and one of the largest producers of platinum and copper.
RUSAL was among the twenty largest companies in Russia in terms of market value (capitalization) in 2011, and among the thirty largest companies in Russia in terms of product sales in 2012.
The company is registered on the British island of Jersey. The company's headquarters are located in Moscow.
The company's ordinary shares are traded on the Hong Kong Stock Exchange, GDRs are traded on the NYSE Euronext exchange in Paris, and RDR shares are traded on the Moscow Exchange. Shares and RDRs are convertible into each other. On March 15, 2018, the post of president of Rusal was taken over by the company’s general director, Vladislav Solovyov, who will also become the general director of En+ Group.
In April 2018, Rusal and Oleg Deripaska came under US sanctions. The company's shares on the Hong Kong Stock Exchange fell to a historic low. The company warned of the possibility of a technical default on loan obligations.
Story
The management of aluminum smelters in the USSR was carried out by the Central Directorate of Aluminprom of the Ministry of Non-ferrous Metallurgy. Despite its own large needs, the Soviet Union exported about 15% of its aluminum production abroad.
Russian aluminum
In October-December 2009, UC Rusal signed a number of agreements with Russian and foreign banks on the restructuring of credit debt totaling $16.8 billion. Thus, the debt to a number of foreign banks in the amount of $7.4 billion was restructured for a period of four years with the right to extend for another on three. In total, more than 70 credit institutions took part in the restructuring, and about 50 loan agreements were revised.
Initial public offering (2010)
At the end of January 2010, Russian Aluminum held an IPO on the Hong Kong Stock Exchange, thus becoming a public company. During the placement of shares, the company sold 10.6% of shares, gaining $2.24 billion for them (accordingly, the entire company was valued at $21 billion). The largest investors in the IPO were Vnesheconombank and the Libyan state fund Libyan Investment Authority, which bought 3.15% and 1.43% of the shares, respectively. It is expected that UC Rusal will use the proceeds from the IPO to pay off debts.
As a result of the IPO, the shares of the previous main shareholders of the company changed - each of them allocated part of their stake for sale to investors in proportion to their share. The share of En+, controlled by Deripaska, decreased from 53.35% to 47.59%, the share of ONEXIM Group, owned by Mikhail Prokhorov, fell from 19.16% to 17.09%, the share of SUAL Partners of Viktor Vekselberg and partners - from 17 .78% to 15.86%, Glencore International - from 9.7% to 8.65%.
Debt refinancing (2012)
At the end of 2013, the company's net debt was US$10.1 billion.
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Owners and management
48.13% of the company's shares belong to the energy holding En+, controlled by Oleg Deripaska, shareholders Sual Partners - 22.8%, Mikhail Prokhorov's ONEXIM Group - 6.7%, 8.75% - Glencore through Amokenga Holdings. 13.37% are in free circulation. 0.25% of shares are owned by the company's management, including 0.23% of shares owned by the company's CEO.
The chairman of the company's board of directors since its founding has been Viktor Vekselberg. On March 12, 2012, he announced his resignation in a letter to members of the board of directors, citing disagreements with management. In turn, RUSAL stated that Vekselberg ceased to perform his functions as Chairman more than a year ago, and his decision anticipated the expected decision of the Board of Directors. Since October 2012, Matthias Warnig has been the chairman of the company's board of directors.
The structure of the company
| A country | Name | Area | Years of work | Capacity, thousand tons |
|---|---|---|---|---|
| Krasnoyarsk Aluminum Plant | Krasnoyarsk | 1964 - | 1008 | |
| Bratsk Aluminum Plant | Bratsk | 1966 - | 1006 | |
| Boguchansky Aluminum Plant | village Taiga | 2016 - | 588 | |
| Irkutsk Aluminum Plant | Shelekhov | 1962 - | 529 | |
| Sayanogorsk aluminum smelter | Sayanogorsk | 1985 - | 524 | |
| Novokuznetsk Aluminum Plant | Novokuznetsk | 1943 - | 322 | |
| Khakass Aluminum Plant | Sayanogorsk | 2006 - | 297 | |
| Volgograd Aluminum Plant | Volgograd | 1959 - | 168 | |
| Nadvoitsky Aluminum Plant | Nadvoitsy | 1954 - 2018 | 81 | |
| Kandalaksha aluminum smelter | Kandalaksha | 1951 - | 76 | |
| Ural Aluminum Plant | Kamensk-Uralsky | 1939 - 2013 | 75 | |
| Bogoslovsky Aluminum Plant | Krasnoturinsk | 1944 - 2013 | 46 | |
| Volkhov Aluminum Plant | Volkhov | 1932 - 2013 | 24 | |
| Kubikenborg | Sundsvall | 1943 - | 128 | |
| ALSCON | Ikot Abasi (Akwa Ibom) | 1997 - | 96 |
| A country | Name | Area | Launch year | Capacity, million tons |
|---|---|---|---|---|
| Achinsk Alumina Refinery | Achinsk | 1970 | 1,1 | |
| Bogoslovsky Aluminum Plant | Krasnoturinsk | 1944 | 1,052 | |
| Ural Aluminum Plant | Kamensk-Uralsky | 1939 | 0,768 | |
| Boksitogorsk Alumina Refinery | Boksitogorsk | 1938 | 0,165 | |
| Queensland Alumina Ltd (20%) | Gladstone | 1967 | 4,058 | |
| Aughinish Alumina | Oginish | 1983 | 1,927 | |
| Alpart | Mandeville | 1968 | 1,65 | |
| Nikolaevsky Alumina Refinery | Nikolaev | 1980 | 1,601 | |
| Windalco | Kirkvine | 1953 | 1,21 | |
| Eurallumina | Portovesme | 1973 | 1,1 | |
| Alumina refinery in Frie | Fria | 1960 | 0,65 |
| A country | Name | Area | Launch year | Capacity, million tons |
|---|---|---|---|---|
| Kiya-Shaltyrsky nepheline mine | Belogorsk (Kemerovo region) | 4,66 | ||
| Sevuralboxytruda | Severouralsk | 1938 | 3,0 | |
| Komi-Aluminium | Ukhta region | 1997 | 1,9 | |
| Kindia Bauxite Company | Kindia | 1974 | 3,3 | |
| Alumina refinery in Frie | Fria | 1960 | 2,1 | |
| Bauxite Company of Guyana Inc | Georgetown | 2004 | 1,7 |
| A country | Name | Area | Launch year | Capacity, thousand tons |
|---|---|---|---|---|
| SAYANAL | Sayanogorsk | 1995 | 38 | |
| Ural foil | Mikhailovsk | 2003 | 15,6 | |
| Sayan foil | Dmitrov | 1997 | 3 | |
| ARMENAL | Yerevan | 2000 | 25 |
Silicon production and powder metallurgy:
Raw Materials Division:
- Shanxi-RUSAL Cathode (China)
- Baoguan Cathode Plant (China)
- South Ural cryolite plant
- Polevskoy cryolite plant
Engineering and Construction Division:
- YOU
- Glinozemservice
- Engineering and construction company
- Engineering and Technology Center
- Industrialpark-Siberia
- Service center "Metallurg"
- SibVAMI
- Uralaluminium
- Rus-Engineering
Energy Division:
IT services
Training
Performance indicators
In 2013, the company produced 3.857 million tons of aluminum (in 2012 - 4.173 million tons), 7.310 million tons of alumina (in 2012 - 7.48 million tons)
The company's revenue in 2013 according to IFRS amounted to $9.76 billion (in 2012 - $10.9 billion), EBITDA - $651 million ($915 million), loss - $3.3 billion ($502 million). The company's net debt in 2013 decreased from $10.8 billion to $10.1 billion.
UC Rusal's IFRS net profit attributable to the Company's shareholders for 2014 amounted to $293 million, compared to a loss of $3,322 million in 2013. At the same time, the loss on derivative financial instruments for 2014 amounted to $487 million versus a loss of $12 million for 2013. Losses on derivative instruments are mainly associated with the devaluation of the ruble in 2014.
According to the Vedomosti newspaper, registration of the parent company UC Rusal and the main trader of the group on the island of Jersey, as well as the use of a tolling scheme, makes it possible to minimize tax payments: the company's effective income tax rate in 2010, according to the publication, was only about 2%. According to the company's reporting, in 2013, income tax expenses increased by $55 million to $81 million.
Key projects of the company
Electrolysis shop No. 1 under construction at the Boguchansky aluminum smelter in the Krasnoyarsk Territory, Russia.
Social programs
In the cities where the Rusal company operates there is also a Rusal Center for Social Programs.
Criticism
AccidentsIn the 2000s and 2010s, the SUAL mines received the ominous nickname of “conveyor belt of death.” For example, in the mines of the Severouralsk bauxite mine owned by RUSAL in July 2017, two miners died. And in December 2016, one of the welders died at the Kalinskaya mine. At the SUAL-Silicon-Ural enterprise in Kamensk-Uralsky in the same December 2016, hot silicon spilled onto two workers, and a load collapsed on another worker
