Monday 19 January 2009

Deripaska returns as Rusal CEO

Oleg Deripaska, the Russian billionaire, is to return as chief executive of Rusal, one of the world’s biggest aluminium producers, after being re-elected by the board, the company said Sunday. Deripaska, Rusal’s majority shareholder, returns to the more direct hands-on role comes as the company battles to survive the global credit crisis and plummeting revenues due to the drop in commodity prices. It is seeking to restructure $14bn of debt it owes to foreign and Russian banks. The move also comes amid talk of reviving plans for a three-way merger between Rusal, Norilsk Nickel, the world’s biggest nickel miner, and Metalloinvest, the steel and iron ore group, to create a metals and mining giant on a par with BHP Billiton.

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