RUSAL, NORINCO agree to form aluminum production, marketing JVs

摘要

UC RUSAL has entered into a framework agreement to acquire a 33% stake in Shenzhen North Investments, a Chinese trading company and subsidiary of NORINCO, which sells primary aluminium in China and South-East Asia, and that it has agreed on creation of a joint venture with NORINCO to produce aluminum alloys, the Russian aluminum giant said in a statement. The framework agreement on acquisition of a 33% stake in Shenzhen North Investments will see RUSAL take an active role in the strategic and operational management of the trading company. Two representatives of RUSAL will join the Board of Directors, one of whom will be appointed Chairman. In addition, RUSAL will be entitled to appoint a Vice-Chairman of the Board of Supervisors and a deputy CFO.