Rusal Invested $20M In Nigeria’s Alscon In 2007 — Report

LONDON (Dow Jones)-Russia’s United Co. Rusal said Thursday it invested $20 million in Aluminum Smelter Company of Nigeria, or Alscon, in 2007, ITAR-TASS reported Thursday.

Rusal, which acquired 77.5% in Alscon February 2007, plans to modernize the plant to reach full capacity of 197,000 metric tons a year by 2010, the agency said.

Rusal plans to invest $300 million in Alscon, which located in the Nigerian state of Akwa Ibom, in the next three years, including dredging of the Imo River.

The Nigerian government and Germany’s MAN Ferrostaal AG, the industrial plant and services unit of MAN AG (MAN.XE), remain the smelter’s minority shareholders with 15% and 7.5% stakes, respectively.