Russia could lower aluminum import duties

ST. PETERSBURG. June 9 - Russia could lower aluminum import duties now that an aluminum giant has been formed, First Deputy Prime Minister Sergei Ivanov said at the economic forum in St. Petersburg.

"There are plans to lower import duties for aluminum following the formation of the [aluminum] industry giant," Ivanov said.

United Company RUSAL (UC RUSAL), the world's biggest aluminum company, was formed at the end of March through a merger with Russia's Siberian-Urals Aluminum Company (SUAL) and the alumina-related assets of Switzerland's Glencore International AG.

An understanding to lower the import duty on aluminum was reached during the merger process. The Russian Federal Antimonopoly Service (FAS), when approving the merger, said that the import duty, currently 10% of customs value, should be lowered in order to uphold competition and provide additional safeguards for the interests of Russian aluminum consumers.