Moscow, 23 May 2003 – RUSAL, the world’s second largest primary aluminium producer, today reported on its largely successful efforts to circumvent unprecedented ice conditions at the port of St Petersburg during the winter months.

In the face of the worst ice problems at the port in 50 years, RUSAL was able to deliver about 90% of planned deliveries on schedule. The company used alternative delivery options to some markets (for instance, via Vanino to the US) during January, February and March. Some 65,000 MT of aluminium was delivered through the Panama Canal and 10,000 MT via Novorossisk. In addition RUSAL implemented a number of metal swap arrangements to ensure that customers continued to receive their required deliveries. Despite the severe conditions, RUSAL doubled its shipment into North America during Q1 2003 compared with the same period last year.

Steve Hodgson, RUSAL’s Director of Sales, commented, “We acknowledge the inconvenience created for our clients by the recent conditions and we wish to thank them for their patience and understanding during this unusual situation. We would also like to acknowledge our other business partners who provided additional support through metal swaps and trading.”

As a result of the experience the company said it had learned a number of valuable lessons that would be incorporated into winter shipment planning in the future. The use of alternative shipping routes had been proven and correspondingly lead times would be forecast more accurately.

The ice restrictions imposed on vessels into and out of St Petersburg were lifted by the port authority earlier this month.

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About RUSAL
RUSAL is the second largest primary aluminium producer in the world, formed in March 2000 from the merger of a number of the largest smelters and other aluminium producers located in the CIS. The Company accounts for 75% of Russia's primary aluminium output and 10% of the global primary aluminium output. RUSAL is a fully vertically integrated company with a complete production cycle from bauxite mining and the production of raw materials, to the production of primary metal, semi-products and aluminium-based end products. RUSAL is headquartered in Moscow.

For further information:
www.RUSAL.com
Eugenia Harrison, Moscow, +7 095 720 5170, or zharrison@RUSAL.ru; Fred Harrison, London, +44 (0) 20 7431 7517, or fharrison@ansdellconsult.com; Stan Neve, New York, +1 212 333 3810, or sneve@brunswickgroup.com