How a Russian aluminium giant built a global empire through strategic mergers and acquisitions

Countries & Cities · Published 15 October 2026 Swipe more like this →

In short: Founded by Oleg Deripaska, Rusal grew from a collection of Soviet-era smelters into one of the world's largest aluminium producers. By aggressively integrating upstream assets across five continents and navigating complex financial crises, the company transformed the global metals industry while managing massive debt and shifting international market dynamics.

The origins of United Company Rusal trace back to the business activities of Oleg Deripaska in the early 1990s. After investing in the Sayanogorsk Aluminum Smelter, Deripaska consolidated various aluminium and alumina assets under Sibirsky Aluminium by 1997. The formal creation of Rusal occurred in 2000 through a merger with Millhouse Capital, an entity owned by Roman Abramovich. This foundation allowed the company to pursue a strategy of centralized control, focusing on upstream assets like bauxite mines and alumina refineries to secure supply for its Russian smelters.

A pivotal moment arrived in March 2007 with the formation of UC Rusal, a massive merger between Rusal, SUAL, and the alumina assets of the Swiss group Glencore. At the time, this created the world's largest aluminium company, with operations spanning 17 countries and five continents. The company's scale was immense, boasting a production capacity of approximately four million tonnes of aluminium and 11 million tonnes of alumina. However, this rapid expansion, combined with the 2008 financial crisis, left the company with significant debt, requiring complex refinancing agreements with dozens of international lenders.

Rusal has consistently adapted to market shifts, including the rise of Chinese aluminium production, which caused global prices to drop between 2007 and 2013. To maintain competitiveness, the company invested in internal R&D, such as the RA-300 and RA-400 reduction cells, and pursued joint ventures with firms in China, India, and Israel. By 2021, the company reported revenue of 596 billion rubles. Today, the company remains a major player in the global market, with En+ Group holding a controlling stake of 56.88% as of 2023, while the company continues to refine its corporate structure and asset portfolio.

The company's history is marked by constant restructuring, from its initial incorporation in Jersey to its 2020 registration change to Kaliningrad, Russia. It has navigated volatile commodity markets by divesting downstream fabricating divisions and focusing on upstream efficiency. Despite the challenges of global overcapacity and debt management, Rusal's trajectory reflects the broader evolution of the post-Soviet industrial landscape, shifting from state-owned roots to a complex, publicly traded entity with global reach.

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