The move has been opposed by SUAL Partners, which believes that closing down the loss-making Aluminium Smelter Company of Nigeria is a far better option. SUAL owns a 15.8% stake in Rusal.
Rusal is currently reviewing 275kt of capacity that it believes could be replaced by lower cost smelters under construction in Siberia. The capacity cuts planned will affect smelters at Nadvoitsy, Bogoslovsk, Volkhov and Novokuznetsk.
Rusal produces 9% of the world's primary aluminium, but has reported a net second-quarter loss of US$37M.
Weak metal prices caused by slack demand and overproduction are at the root of Rusal's woes.