One source told Reuters that because the company's own warehouse was full of unsold aluminum, the Russian high-rises in Sayanogorsk in southern Siberia had to rent another warehouse to place excess aluminum inventories.
“The sale of aluminum has been interrupted. Now the excess aluminum is stored in the production area of the company,” Rusal's factory staff in Sianogorsk said. Rusal has two factories in the area.
A number of people associated with RUSAL revealed that Olago's main shareholder, Oleg Deripaska, visited Sayanorsk this week to hold a closed meeting with employees. Deripaska himself and Rusal are both on the US sanctions blacklist.
When asked if the company was hoarding aluminum in Sayanorsk, the Russian aluminum spokesman did not comment.
Rusal and Deripaska were on the US sanctions blacklist this month, scaring away many customers, suppliers and creditors who were worried about the impact of sanctions due to their relationship with the company.
According to a logistics company and a railway operator that transported Rusal products, some dealers and customers of Rusal products have stopped buying the company's products on the grounds of sanctions risk; in addition, Rusal has stopped shipping some of the products for export. product.
Although the shipment is suspended, RUSAL cannot easily reduce aluminum production because the cell will be irreparably damaged if it is shut down. The cell is the core of the production process.
According to the source, Ruomi's two factories in Sayanogorsk are filled with temporarily stored aluminum. Last year, the output of these two factories accounted for about 25% of the total output of RUSAL.
An employee of a subsidiary of Rusal described how the unsalable aluminum ingots were stacked in the warehouse. He said his company had just agreed to rent space from Rusal to store more aluminum ingots.
A contractor at the Sayanogorsk plant said that the stacked aluminum ingots are increasing rapidly. He also said that the two-day production will be able to fill the train with five carriages. It has been a week since then, and the aluminum has piled up into mountains.