MOSCOW, 24 May, 2004 - RUSAL, one of the world’s leading aluminium producers, today announced that it has offered to increase the purchase price by $10 million to $316.2 million, prior to certain adjustment, for Kaiser Aluminum’s majority 65% stake in Alpart, a major mining and refining asset in Jamaica.  This offer is only contingent if Hydro Aluminum Jamaica, as the other 35% owner of Alpart, exercises its right of first refusal that is expected to expire on May 26, 2004, enforceability of which has been repeatedly questioned by RUSAL in the US Bankruptcy Court for the District of Delaware.

In a letter to Kaiser Aluminum, RUSAL re-stated that it is prepared to consummate the purchase on an expedited basis with no additional financial or other contingencies. On April 26th 2004, the U.S. Bankruptcy Court for the District of Delaware approved RUSAL’s agreement with Kaiser to purchase its 65% stake for $306.2 million. 
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About RUSAL
RUSAL, a world leader in aluminium production was 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 at RUSAL + 7 095 720 5170
Lekha Rao at Brunswick Group + 212-333-3810 or +646-226-0254