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UC Rusal strikes Chinese deal
November 01, 2009
Russia’s UC Rusal has agreed a contract to sell 1.68Mt of aluminium to Chinese state defence firm Norinco between 2010 – 2016.
The Chinese company, officially known as China North Industries Corporation, said the deal meant Rusal would supply 20kt/m of aluminium to Shanghai for sale on the spot market.
Rusal is trying to reach agreement with foreign creditors on $7.3bn of debt by mid-November to pave the way for a Hong Kong share listing that would help pay off debt.