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.