This morning in metals news: UC Rusal will demerge its high-carbon assets; meanwhile, steel industry groups issued a renewed call to the Biden administration to ask him to keep the Section 232 steel tariff in place; and the copper price has picked back up this week.
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UC Rusal to demerge high-carbon assets
En+ Group, parent group of Russian aluminum giant UC Rusal, announced today that the latter will demerge its high-carbon assets.
In addition, UC Rusal also plans to change its name to AL+.
The company plans to focus on developing inert anode technology and working toward production of carbon-free aluminum.
“This announcement is another major step in our journey to lead the global aluminium industry into the low carbon economy,” said Lord Barker, executive chairman of En+ Group. “AL+ will be a market leader in green aluminium production as measured by carbon footprint and other environmental credentials. However, this demerger additionally secures the future of important assets in Russia that also have a future in a low carbon world but which require a fundamentally different approach to technology and a different investment path to our major international businesses.”
Meanwhile, the demerged higher-carbon assets will form a new company under a new name. That includes alumina refineries in Russia (Achinsk, Pikalevo, Bogoslovsk and Ural) and smelters in Bratsk, Irkutsk, Novokuznetsk, Volgograd and Kandalaksha, all of which it says will undertake a “long-term modernisation programme.”