Rusal may have other reasons for choosing not to become a public company just yet, but it certainly is not desperate for the money. Aluminium prices have been sky-high, and the company recently secured a $1.5bn syndicated loan, the largest ever for a Russian company.
The business is a product of the grisly aluminium ‘wars’, which followed privatisation of Russia’s alumina smelters. Oleg Deripaska and Roman Abramovich emerged as victorious owners of the largest assets and, in 2000, merged them to create Russian Aluminium, now Rusal. Mr Abramovich has gradually sold his 50% stake to Mr Deripaska’s Basic Element, to concentrate on other interests, such as Chelsea Football Club.
