UC Rusal Net Debt $8.8B At End 2007 

LONDON (Dow Jones)-Russian privately owned aluminum producer United Company Rusal Tuesday said full-year revenue increased by over 11% to $14.3 billion in 2007, compared with $12.9 billion in 2006, due to rising production and investment.

UC Rusal, one of the largest aluminum and alumina producers in the world, said in a statement that its 2007 full-year aluminum production was up 6% at 4.2 million metric tons and its alumina production was up 5.1% at 11.3 million metric tons.

"In order to support the further growth of our business and value of our company, we intend to develop as a global diversified metals and mining corporation and secure a position among the top five largest metals and mining giants," UC Rusal Chief Executive Alexander Bulygin said in a statement.

UC Rusal, which according to its co-owner Viktor Vekselberg is worth around $45 billion, had a debt of $8.8 billion at the end of 2007, the company said.

The company didn’t provide profit or dividend figures for the year.

Rusal was formed in March 2007 through the three-way merger of Russian Aluminium, local rival Sual Group, and the alumina refineries of commodities trader Glencore International AG.

UC Rusal’s major shareholder is billionaire Oleg Deripaska, who owns 66% in Rusal through his Basic Element, or Basel, holding.

UC Rusal’s owners are planning an initial public offering by 2010 after scrapping earlier plans to list in November 2007, citing unfavorable market conditions.