RUSAL Welcomes Shareholders' Support on Strategic Transformation of the Company

Moscow, November 1, 2021 - RUSAL (SEHK: 486; Moscow Exchange: RUAL), a leading aluminium producer, welcomes the support from its largest shareholders - En + Group and SUAL Partners - on their intention to demerge RUSAL's assets into a higher carbon Company. This demerger will result in RUSAL reinforcing its position as a leading producer of low-carbon aluminium by unlocking value through the creation of two businesses with separate strategies, as announced in May this year.

“We understand that decarbonization is no longer just an option, but a requirement for all market participants,” said Bernard Zonneveld, Chairman of the Board of Directors of RUSAL. "Support from the largest shareholders is evidence of how such a transformational plan is a step in the right direction." Zonneveld also noted that the implementation of the strategic transformation of the Company will still require coordination at various levels, including regulators, credirors and the general meeting of RUSAL shareholders.

“The asset demerger is in line with RUSAL's ESG strategy and commitments to achieve net zero emissions by 2050,” added RUSAL’s General Manager Evgenii Nikitin. "The new company will be able to focus on promising emerging markets and the ambitious ecological restructuring program announced in April. It is evidence of how RUSAL has made another development towards reaffirming its intent on remaining the largest producer of low-carbon aluminium with its market-leading brand ALLOW."

As a result of the asset demerger, RUSAL will focus on strengthening its position as the largest producer of low-carbon aluminium, while the new company will focus on delivering a long-term modernization programme across its operations. This will include Russian alumina assets (Achinsk, Bogoslovsk, Urals and Pikalevo) and aluminium plants (Bratsk, Irkutsk, Novokuznetsk, Volgograd and Kandalaksha). As part of the long-term environmental modernisation programme, the new company would replace most of its presently installed electrolysis lines with new ones using the most up-to-date pre-baked smelting technology.
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