The new company, United Company RusAl, will be headed by Director General Alexander Bulygin, formerly director general of RusAL. Viktor Vekselberg, formerly chairman of the SUAL board, has been appointed chairman of the board.
"By using the global scale of the business and the financial power of the united company, its access to hydro-resources and technological solutions, we will prepare for a new development stage of creating an international energy and metals corporation," Bulygin said.
United Company RusAl, where RusAl holds 66%, SUAL 22% and Glencore 12%, plans to hold an IPO within three years.
The company will have 12 people on its board, including six RusAl officials, two SUAL representatives, an official from Glencore, and three independent directors. Two of its independent directors have been elected and the third one will be chosen by July 1.
United Company RusAl has bauxite and aluminum producing assets on five continents in 17 nations. Its annual turnover is expected to hit $12 billion. The company aims to produce over 11 million tons of primary aluminum a year and control 12% of the world's primary aluminum market.
Apart from increasing production volumes, United Company RusAl intends to further develop its corporate management system.
"We will concentrate on further development of our corporate management system, which will allow the united company to meet the highest standards in relations with clients, business partners, and investors," Vekselberg said.
