Zaporizhia aluminum plant (ZALK)

Performance Indicators

According to the results of work in 2011 net loss of the enterprise made 131.2 million hryvnias (16.3 million dollars).

History

• In April, 2011 Rusal stopped production of aluminum at plant because of unprofitable electricity rates (costs for it exceeded 45% of product cost).

• The State Office of Public Prosecutor of the republic tries to obtain nationalization of the Zaporizhia aluminum plant for 2010-2012. In May, 2011 the court returned the enterprise in state property, however three months later this solution was cancelled.

• In March, 2012 it became known that the Economic court of Kiev returned 68.01% of stocks of the Zaporizhia aluminum plant to the property of the Ukrainian state. Till this time of ZALK it was controlled by the Russian aluminum holding "Rusal" of Oleg Deripaska.

The court met the requirement of supervising department to terminate purchase and sale agreements 423.5 million stocks of plant with a nominal value of 0.25 hryvnias everyone. The specified packet as noted in department, is returned in the property of the State property fund of Ukraine.

The decision to nationalize the enterprise was made because the Zaporizhia aluminum plant on own initiative terminated the credit agreement on refinancing of debt for 75.5 million dollars. That ZALK as the State Office of Public Prosecutor of Ukraine considers, significantly violated valuable interests of the state.

The press service of Rusal already said that the holding appeals against a verdict (about transfer of a controlling stake of plant to state property) in higher instance. "Court's decision did not become effective, the plant still belongs to Rusal, about share transfer to the state of the speech does not go", - quotes the statement of RBC Ukraine company^[1].

Notes