Hot on the heels of news that UC Rusal's value has dropped by 45.3% since the beginning of 2013, the Russian light metal giant has announced that it intends to cut costs by re-organising it's Volkhov plant and freezing production at three other facilities.
The plan is to re-activate its frozen assets once the price of aluminium exceeds $2,400 per tonne, which will make production profitable, according to Rusal's head honcho, Oleg Deripaska.
Deripaska believes that the price of aluminium will remain at $1,800 per tonne at the end of the year.
A report in the Moscow Times says that 'the sharp decline of metal, coal and other commodities prices has led to a $34.6% decline in the combined market capitalisation of mining companies since the beginning of the year'.
According to the newspaper, Severstal lost 33.6% of its value, Norilsk Nickel dropped 34.6% and Ervaz fell 61% over the course of the economic slowdown.
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