RUSAL to spin off high carbon footprint assets, change name to AL+

MOSCOW, May 19 (PRIME) -- Russian aluminum producer UC RUSAL plans to spin off assets with higher carbon footprint and to change the name to AL+, the company said in a statement on Wednesday.

The company’s board of directors has approved a relevant proposal from management, “which is in line with the company’s ambitious environmental goals and strategy to achieve carbon neutrality by 2050.”

RUSAL will focus on strengthening its position as the largest low-carbon aluminum producer, and the new company will focus on the development of domestic market.

The new company will take the Bratsk, Irkutsk, Novokuznetsk, Volgograd, and Kandalaksha aluminum plants, and the Achinsky, Bogoslovsky, Uralsky, and Pikalyovsky alumina assets, as well as the Severo-Uralsky bauxite mine and the Timana Bauxite.

Parent shareholding En+ said that it expects a proportionate distribution of shares in the new company between the shareholders.

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