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Syberian-Urals Aluminum Company

January 11, 2005

Volgograd Aluminium becomes OAO SUAL subsidiary

The process of incorporating OAO Volgograd Aluminium (VgAZ) into OAO SUAL Group has been completed. On 31 December 2004 VgAZ became a subsidiary of OAO SUAL.

The incorporation of VgAZ was the final step in consolidating the aluminium assets that followed an agreement signed between SUAL Group and the management company, SevZapProm, in December 2002. Under the agreement, VgAZ and the subsidiaries of OAO Metallurg, Volkhov Aluminium and Pikalevo Alumina, were integrated into the SUAL Group production chain two years ago. In 2004 OAO SUAL was re-organised to integrate these companies. On 30 September 2004, Volkhov Aluminium and Pikalevo Alumina became subsidiaries of OAO SUAL.

The re-organisation of OAO SUAL and integration of VgAZ was based on a decision taken at an extraordinary general meeting (EGM) of shareholders on 31 August 2004. An absolute majority at the meeting voted in favour of the incorporation of VgAZ into OAO SUAL. On 15 December 2004, an amended charter was adopted at an EGM of OAO SUAL's shareholders to reflect this re-organisation.

On 31 December 2004 the Uniform State Register noted the termination of activities at VgAZ. This formal procedure finalised the consolidation of OAO SUAL Group and VgAZ, its eighth subsidiary.

Notes to editors:

SUAL Group is a fully vertically integrated aluminium company that ranks among the world's top ten aluminium producers. It comprises operations involved in the production of bauxite, alumina, primary aluminium, silicon, semi-finished and finished aluminium products. Annually, SUAL Group mines some 4.4 million tonnes of bauxite, refines more than 2 million tonnes of alumina, and produces some 890,000 tonnes of primary aluminium. It also produces more than 50,000 tonnes of silicon per annum, as well as more than 110,000 tonnes of aluminium products. The subsidiaries of OAO SUAL, which is part of the SUAL Group, are Bogoslovsky Aluminium (BAZ), Ural Aluminium (UAZ), Irkutsk Aluminium (IrkAZ), Kandalaksha Aluminium (KAZ), Nadvoitsy Aluminium (NAZ), Volkhov Aluminium, Pikalevo Alumina and Volgograd Aluminium Smelter (VgAZ).

Volgograd Aluminium Smelter is the southernmost aluminium site in the Group and the seventh largest aluminium smelter in Russia. Aluminium production operations began there in 1959. The smelter currently produces more than 150 thousand tonnes of primary aluminium per year.

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