Aluminum prices are at the lowest level in 15 years and the metal price premium fell 60 percent throughout the year, the head of the world’s largest global aluminum producer Rusal said.
“The dramatic decline of prices continued in 2015. The average 2015 year price of $1,495 per tonne is the lowest level from the second half of 2009. We actually returned to the crisis level. Considering inflation, these are probably the lowest prices in fifteen years,” Tass quoted Vladislav Soloviev as saying
Rusal plans its capital expenditures at $550 million per year till 2020, Soloviev said.
“Currently the share of products with high-added value accounts for around 46 percent of our output whereas we target at no less than 60 percent by 2020. The total amount of investment that we plan to put in modernization of production, total CAPEX will stand at around $550 per year,” he said.
Rusal plans to clear and refinance its debt worth around $1.3 bln in 2016, Deputy CEO and Director for Strategy, business development and financial markets Oleg Mukhamedshin said.
As of December 31, 2015 Rusal’s net debt equaled $8.372 billion.