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. Last Updated: 07/27/2016

Aluminum Cut Finally Signed

OTTAWA -- The world's major aluminum-producing nations announced an agreement Wednesday to cut world production and boost Western aid to Russia's aluminum industry.

The agreement, finalized in the early hours of Wednesday, is essentially ratification of an agreement reached in Brussels in late January.

The cuts called for in the plan were not enough for aluminum markets, where prices slumped Wednesday

The January plan calls for a cut in global production of between 1.5 million and 2 million tons per year, roughly equivalent to industry estimates of the current excess supply.

The biggest production cuts totaling about 500,000 tons a year will be implemented by Russia, which has been blamed for the slump for oversupply.

Russia promised to cut production at an annual rate of 300,000 tons by May 1. In return, it gets modernization aid, including $250 million from the Overseas Private Investment Corporation.