International news within the industry of mining and metal, Oct, 19 2018
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Collapse for Russian aluminium giant

Russian President Vladimir Putin and Oleg Deripaska. Photo: Wikipedia, credit: Presidential Press and Information Office
Russian President Vladimir Putin and Oleg Deripaska. Photo: Wikipedia, credit: Presidential Press and Information Office
Published by
Markku Björkman - 12 Apr 2018

Russian aluminium manufacturer Rusal fell more than 50 percent at the Hong Kong stock exchange. The curse collapse follows a 16 percent price on the Moscow stock exchange on Friday after the US has taken Rusal and the big owner and oligarch Oleg Deripaska on a new sanction list with seven oligarchs and twelve Russian companies.

Rusal, one of the world's largest aluminium manufacturers, is listed on the Hong Kong Stock Exchange and the Moscow Stock Exchange and continues on Monday's trading also falling on Moscow banks by just over 21 percent. The Moscow Stock Exchange's RTS index, which measures the stock exchange's development in dollars, drops just over 4 percent.

Oleg Deripaska's holding company EN-plus warns at the same time that the sanctions will have a significant and negative impact on the company's operations.

The one-plus shares, also listed on the London Stock Exchange, fall by 17 percent after a race of 22 percent on 8th of April.

Rusal's largest customer is the raw material trading company Glencore.

Source: TT