Shenzhen, Apr 26, 2012 - (ACN Newswire) - UC RUSAL (SEHK: 486, Euronext: RUSAL/RUAL, MICEX-RTS: RUALR), the world's largest aluminium producer, and China North Industries Corporation (NORINCO) are pleased to announce the operations start of North United Aluminium (NUA, the former Shenzhen North Investments) - the Shenzhen-based joint venture of RUSAL and NORINCO, specializing in aluminium, alloys and other non-ferrous metals trading on the Chinese market.
The opening ceremony was attended by Mr Vladislav Soloviev, First Deputy CEO of UC RUSAL, Mr Steve Hodgson, Director for International Sales of UC RUSAL, Mr Luo QianYi, Deputy General Manager of NORINCO Group, Mr Chen Biao, Deputy Mayor of Shenzhen Municipality, Mr Zhou Zhenqiang, Deputy Director of Work Committee of Shenzhen Municipality and Mr Li Yong, Vice president of NORINCO, other top guests from Chinese aluminium industry and Shenzhen administration.
In his opening speech Mr Soloviev said, "We are very pleased to give a start to this very promising company. RUSAL strive to continuously expand the export share to China by making full use of its market potential and industrial advantages of UC RUSAL. Growing urbanization and industrial development will continue to drive China's dominant role in the global aluminium consumption, and RUSAL, as the world's largest producer of the light metal, is ready to meet this demand."
Mr Luo Qian Yi, Deputy General Manager of NORINCO Group, said, "The establishment of North United Aluminium is a result of the joint efforts of China and Russia to promote strategic partnership and enhance trade cooperation between the two countries. The joint venture marks the start of a new stage in the Company's development. Its strong shareholder structure provides a very solid foundation for its healthy growth in the future, assuring promising prospects and ultimately achieving better operating results."
In November 2011 UC RUSAL entered into purchase agreement with NORINCO concerning 33% share acquisition in Shenzhen North Investments - a trading affiliate of NORINCO specializing in aluminium, alloys and other non-ferrous metals trading, with more than 15 years experience. The new JV was named North United Aluminium. The deal is expected to enhance the effective promotion of RUSAL's products in the Chinese market.
In addition, RUSAL has entered into a shareholders agreement with NORINCO, under which RUSAL is entitled to nominate two representatives for appointment to the Board of Directors of NUA, one of whom would be appointed as chairman of NUA's Board of Directors.
Mr Steve Hodgson, Director for International Sales of UC RUSAL, is appointed a Chairman of the Board of Directors of North United Aluminium. The first session of the Board will take place on 27 April 2012.
About UC RUSAL
UC RUSAL is the world's largest producer of aluminium, in 2010 accounting for approximately 10% and 10% of global production of aluminium and alumina, respectively. UC RUSAL employs about 72,000 people in 19 countries, across 5 continents. UC RUSAL markets and sells its products primarily in the European, Japanese, Korean, Chinese, South East Asian and North American markets. UC RUSAL's ordinary shares are listed on The Stock Exchange of Hong Kong Limited (Stock code: 486), global depositary shares representing UC RUSAL's ordinary shares are listed on the professional compartment of Euronext Paris (RUSAL for Reg S GDSs and RUAL for Rule 144A GDSs), and Russian depositary receipts that are issued on common shares of the Company are listed on MICEX (RUALR) and RTS (RUALR) stock exchanges. www.rusal.com
Source: UC RUSAL
Contact:
Vera Kurochkina +7 (495) 720-51-70 vera.kurochkina@rusal.com Disclaimer The information contained in this press release is for media advice only. The contents are true and accurate at the time of publishing, however, may change over time. All announcements and press releases published by United Company RUSAL Plc are available on its website under the links http://www.rusal.ru/en/stock_fillings.aspx and http://www.rusal.ru/en/presscenter.aspx, respectively.
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