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. Last Updated: 07/27/2016

Metal Plant Going Bust

MOSCOW -- Russia's Mikhailovsky nonferrous metals processing plant, with a capacity of 40,000 metric tons of finished aluminum per year, is facing bankruptcy proceedings, a company manager said Tuesday.

Vitaly Potylitsin, chief executive of ALKUR holding, which manages government stakes in five nonferrous metal processing plants in the Ural Mountains, said an interdepartmental commission made a ruling early in the day.

"The plant's output ... slumped to 3,390 tons in 1997 and to 1,394 tons in the first half of 1998," Potylitsin said. The plant, located south of Yekaterinburg, had debts of 340 million rubles ($54 million) as of June 1, 1998, he said.