Konecranes

Chinalco is to invest $19.5bn in cash in the Rio Tinto mining group.

The move will see Chinalco increase its share in Rio to 18% from its current 9% and investment in aluminium, copper and iron ore joint ventures totalling $12.3bn.

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UC Rusal cuts output by 11%

UC Rusal will cut 11% of its annual aluminium output, 30% of alumina output and 5% of its staff as it tackles the global economic crisis.

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Deripaska re-elected as Rusal CEO

Oleg Deripaska, the Russian billionaire, is to return as chief executive of UC Rusal after being re-elected by its board.

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Chinalco cuts salaries by up to 15%

China’s biggest aluminium producer is to cut salaries by up to 15% this year, while senior executives’ salaries could be cut as much as 50% in an effort to preserve jobs in the face of slumping demand.

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Norsk Hydro is to split its business

Aluminium Metal and Aluminium Products will both be divided into two, enlarging the number of business areas in the company from four to six: Energy, Primary Metal, Metal Markets, Rolled Products, Extruded Products and Projects.

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More cuts at Neuss

Hydro is to continue with the production cuts at its primary aluminium plant in Neuss, Germany, due to weak market conditions and high energy costs for the smelter.

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Nalco continues with Orissa plans

National Aluminium Company (Nalco) is gearing up to start preliminary work on its second aluminium project, a Rs160bn ($3bn) greenfield venture for a smelter with captive power plant in Orissa.

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Novelis to stop alumina production at Brazilian site

Novelis will stop production of alumina at its Ouro Preto unit, Brazil from 26 March resulting in the loss of nearly 300 jobs.

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Konecranes