It’s reported that US Rusal's value has dropped by 45.3% since the beginning of 2013 and the Russian light metal giant has announced that it intends to cut costs by re-organizing its Volkhov plant and freezing production at three other facilities.
The plan is to re-activate its frozen assets once the price of aluminum exceeds US$2,400/ton, which will make production profitable, according to Rusal's head honcho, Oleg Deripaska.
Deripaska believes that the price of aluminum will remain at US$1,800/ton at the end of the year.
It’s said that 'the sharp decline of metal, coal and other commodities prices has led to a 34.6% decline in the combined market capitalization of mining companies since the beginning of the year'.
According to the newspaper, Severstal lost 33.6% of its value, Norilsk Nickel dropped 34.6% and Ervaz fell 61% over the course of the economic slowdown.
Source:
http://www.yieh.com/2.2.01.01stainlesssteelnews.aspx?no=65848&division=A9
