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. Last Updated: 07/27/2016

RusAl Committed to Listing by 2010

ReutersA technician working at a RusAl smelter in Krasnoyarsk. The company said market turmoil forced it to delay its IPO.
AUGHINISH, Ireland -- United Company RusAl said Tuesday that it was committed to floating its shares in London within three years.

Only last week, the firm told reporters that a planned initial public offering would not take place this year due to market turmoil and liquidity worries.

"We are committed to undertake an IPO within three years after the deal to integrate," Vera Kurochkina, head of corporate communications, told reporters visiting a RusAl alumina plant in Ireland.

RusAl nonexecutive chairman Viktor Vekselberg said last week that the postponement of the IPO, which had previously been mooted for November, would not affect the company's investment plans.

RusAl said it was not looking to buy any other companies.

"I don't think we are interested as a company in any acquisitions or any takeovers of other companies," said Pavel Ovchinnikov, director of the alumina division. He also said prices of alumina, the main raw material used to make aluminum, were trading at around $310 to $320 per ton. Ovchinnikov expected them to stay at a similar level in 2008 and within a $300 to $350 range for the next two to three years.

Kurochkina added that a dispute to complete construction of a hydroelectric power plant in Tajikistan was now a matter for the Russian and Tajik governments. "As far as RusAl is concerned, we are still interested in participating."

Tajik government officials said last month that President Imomali Rakhmon planned to scrap the $1.3 billion deal with RusAl. The plant was started in Soviet times but never finished and is key to the country's goal to become a regional electricity exporter.