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. Last Updated: 07/27/2016

Aluminum Woe Looms

Russia's aluminum industry, struggling to cope with low domestic demand and high energy prices, is on the brink of bankruptcy, Itar-Tass reported Tuesday.

Quoting the aluminum producers' group Konstern Aluminiy, Itar-Tass said that more than 10 big aluminum smelters were nearly bankrupt, including vast plants in Bratsk and Krasnoyarsk.

Domestic demand had fallen to 10 percent of aluminum production.

Industry officials urged the government to scrap tariffs on primary aluminum exports and reduce electricity prices by 30-50 percent to help the industry stabilize, Itar-Tass reported.