CONTENT
OVERVIEW ............................................................................................................ 3
CORPORATE PROFILE ............................................................................................. 4
MISSION AND VALUES ............................................................................................ 5
BOARD OF DIRECTORS ........................................................................................... 6
MANAGEMENT AND STRUCTURE............................................................................... 7
RUSAL GEOGRAPHY ................................................................................................ 8
PRODUCTION, MARKETING & SALES ......................................................................... 9
IN-HOUSE EPCM .................................................................................................. 11
BEMO PROJECT .................................................................................................... 12
CORPORATE AND SOCIAL RESPONSIBILITY ............................................................. 13
FINANCIAL INFORMATION ..................................................................................... 14
SHAREHOLDERS .................................................................................................. 15
2
OVERVIEW
UC RUSAL is the world’s largest aluminium producer, accounting in 2013 for approximately
8% and 7% of global aluminium and alumina production respectively. The Company’s
current capacity allows it to produce 4.5 million tonnes of aluminium and 11.9 million
tonnes of alumina per annum.
UC RUSAL is vertically integrated to a high degree, having secured substantial supplies of
bauxite and alumina production capacity. RUSAL's assets include over 40 smelters and
production facilities in 13 countries, across 5 continents. RUSAL employs 67,000 people.
The Company’s core smelters, located in Siberia, benefit from access to stranded hydro
generated electricity, with its principal Siberian facilities in close proximity to important
European and Asian markets.
The Company’s key sales markets are Europe, Russia and the CIS countries, North America,
South-East Asia, Japan and Korea. The major end users consist of over 700 companies
representing transport, construction and packaging industries.
Value added products account for over 40% of total metal produced.
RUSAL’s ordinary shares are listed on The Stock Exchange of Hong Kong Limited (Stock
code: 486). Global depositary shares representing UC RUSAL’s ordinary shares are listed on
the professional board of NYSE Euronext Paris (RUSAL/RUAL). Russian depositary receipts
representing RUSAL’s ordinary shares are listed on the Moscow Exchange (RUALR/RUALRS).
RUSAL owns 27.8% stake in MMC Norilsk Nickel, the world's largest producer of nickel and
palladium and one of the world's largest producers of platinum and copper.
Together with the Kazakhstan’s National Welfare fund “Samruk-Kazyna” RUSAL is
developing the Ekibastuz coalfield in Central Asia. The 50/50 LLP Bogatyr Komir coal joint
venture in Kazakhstan provides RUSAL with a natural energy hedge.
RUSAL is currently focusing on strengthening its competitive advantages, including its
considerable raw material base, access to renewable energy sources, proprietary R&D
capabilities and proximity to key markets.
Primary aluminium production
(thousand tonnes)
Alumina production
(thousand tonnes)
Source: UC RUSAL’s annual report, and peer companies’ publicly available results, announcements, reports and
other information.
3
CORPORATE PROFILE
UC RUSAL is uniquely positioned to benefit from the attractive fundamentals of the global
aluminium industry.

Global scale and reach – unique exposure to the global aluminium market. In
2013, UC RUSAL was the largest aluminium producers in the world and one of the
industry lading alumina producers.

Low CO2 footprint thanks to secure access to sources of green, renewable
electricity – RUSAL has long term contracts with hydro power plants in Siberia.
With over 85% of UC RUSAL’s aluminium produced using renewable and
environmentally friendly hydro generated electricity, UC RUSAL is targeting the best
CO2 footprint in the industry.

Focus on higher margin upstream business – primary aluminium production
with a focus on alloys and value-added products. UC RUSAL’s target is to increase
the production of value-added products by up to 50%, in particular, through
improvements to its smelters located in Siberia.

High degree of vertical integration within its upstream business – RUSAL’s
scale, upstream focus and position on the cost curve provide unique exposure to the
aluminium industry. RUSAL operates bauxite and nepheline ore mines, alumina
refineries, aluminium smelters and casting houses, foil mills and packaging
production centres as well as power-generating facilities.

Strong growth potential of the UC RUSAL platform – the BEMO Project involves
the construction of the 3,000 megawatt BEMO HPP and BEMO aluminium smelter in
the Krasnoyarsk region of Russia, which has a design capacity of 588 thousand
tonnes of aluminium per annum.

Proprietary R&D and internal EPCM expertise – RUSAL has developed its own
in-house R&D, design and engineering centres and operates RA-300, RA-400 and
Clean Soederberg smelting technologies. A new energy efficient and environmentally
friendly RA-500 smelting technology and inert anode technology is under design.

Performing environmental initiatives – RUSAL is the first Russian company to
publish a report on the corporate realization of the UN Global Compact and signed a
memorandum of cooperation with the UNDP. By following its environmental policy
and undertaking to regularly review and update its provisions, the Company is
constantly developing and improving its environmental management system and
implementing its principles at all production facilities of RUSAL.
4
MISSION AND VALUES
RUSAL’s mission is to become the most efficient aluminium producer in the world which we
and future generations can be proud of.
RUSAL’s values:

Respect for the individual rights and interests of our employees, requirements of
our clients and conditions of cooperation proposed by our lenders, vendors and
business partners as well as respect for the communities in which we operate.

Impartiality, which implies remuneration of work in good balance with achieved
results and the granting of equal rights for further career development.

Honesty in all our relations, be they within or outside the Company and in the
common sharing of information required for our work.

Efficiency as a means for sustainable achievement of the best possible results in
everything we do.

Courage to resist what is unacceptable and assume responsibility for our decisions.

Care demonstrated by our efforts to protect people from any harm or threat to their
health and wellbeing and by our intention to do our utmost to safeguard the
environment.

Trust in our employees, which allows us to delegate powers and responsibility for
taking and implementing decisions.
5
BOARD OF DIRECTORS
UC RUSAL is committed to adhering to the highest global standards of corporate
governance.
The Company is run by a Board of Directors with collective responsibility for the Company’s
operations and management. The Directors are committed to upholding the corporate
governance of the Company to ensure that formal and transparent procedures are in place
to protect and maximise the interests of the shareholders.
The Board currently comprises a combination of executive, non-executive and independent
non-executive Directors.
Executive directors
 Mr Oleg Deripaska, CEO of UC RUSAL
 Mr Vladislav Soloviev, First Deputy Chief Executive Officer
 Ms Vera Kurochkina, Director of Corporate Communications
 Mr Maxim Sokov, Executive Director
 Mr Stalbek Mishakov, Executive Director
Non-executive directors
 Mr Maksim Goldman, Renova Group Director of Strategic Projects
 Mr Dmitry Afanasyev, Chairman of the Partner Committee of Attorneys at Law Egorov, Puginsky, Afanasyev and Partners
 Mr Len Blavatnik, Chairman and Founder of Access Industries
 Mr Ivan Glasenberg, CEO of Glencore
 Ms Gulzhan Moldazhanova, Chief Executive Officer of Basic Element
 Mr Christophe Charlier, Deputy CEO of Onexim Group
 Ms Ekaterina Nikitina, Human Resources Director, En+ Group
 Ms Olga Mashkovskaya, Deputy CEO for Finance of Basic Element
Independent non-executive directors
 Mr Matthias Warnig (Chairman of the Board), Managing Director of Nord Stream AG
 Dr Peter Nigel Kenny, Partner with a private equity company Sabre Capital
Worldwide Inc
 Mr Philip Lader, Non-executive Chairman of WPP plc and Senior Adviser to Morgan
Stanley
 Ms Elsie Leung Oi-Sie, Deputy Director of the Basic Law Committee of The HKSAR
 Mr Mark Garber, Senior Partner and the Chairman of the Board, GHP Group
6
MANAGEMENT AND STRUCTURE
RUSAL has a highly skilled and experienced team of managers.
The Company is organized across autonomous Divisional business units. There are the
following units within the Company: Aluminium Division, Alumina Division, Packaging
Division, Division of new projects, Engineering and Construction Division, Energy Division.
Divisions
Aluminium Division
Leader: Evgeniy Nikitin
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Boguchansky (BEMO) AS
Bratsk AS
Irkutsk AS
Krasnoyarsk AS
Novokuznetsk AS
Sayanogorsk AS
Khakas AS
Kandalaksha AS
Alumina Division
Leader: Valeriy Matvienko
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Achinsk AR
Bogoslovsk AS
Timan Bauxite
Boksitogorsk AR
Nikolaev AR (Ukraine)
North Urals BM
Urals AS
Alpart (Jamaica)
Aughinish Alumina (Ireland)
Eurallumina (Italy)
Queensland Alumina (Australia)
Windalco (Jamaica)
Bauxite Company of Guyana
Compagnie des Bauxites de Kindia
(CBK) (Guinea)
Friguia B and AC (Guinea)
Packaging Division
Leader: Sergey Goryachev
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ARMENAL
SAYANAL
Urals Foil
Sayana Foil
Division of new projects
Leader: Alexey Arnautov
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KUBAL (Sweden)
Zaporozhye AS
Volkhov AS
Volgograd AS
Nadvoitsy AS
Polevskoy Cryolite Plant
RESAL
SUAL-Silicon
SUAL-Powder Metallurgy in Volgograd
SUAL-Powder Metallurgy in
Krasnoturyinsk
SUAL-Powder Metallurgy in Shelekhov
South Urals cryolite plant
Yaroslavsky mining and beneficiation
plant
ALSCON (Nigeria)
Energy Division
Leader: Pavel Ulianov
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BEMO Project
Bogatyr Komir
Engineering and Construction Division
Leader: Alexey Barantsev
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Komi Aluminium
Taishet AS
RUSAL Shanxi Cathode
Engineering and Construction Company
Russian Engineering Company
"Metallurg" service centre
Metallist
Other subsidiaries
Legend:
AS – Aluminium Smelter
AR – Alumina Refinery
B and AC – Bauxite and Alumina Complex
7
RUSAL GEOGRAPHY
RUSAL is a truly global company. RUSAL's assets include 14 aluminium smelters, 11
alumina refineries, 8 bauxite mines, 4 foil mills, 3 powder metallurgy plants, 2 silicon
smelters, 2 secondary aluminium plants, 2 cryolite plants and 1 cathode plant in 13
countries, across 5 continents.
8
PRODUCTION, MARKETING & SALES
RUSAL’s scale, upstream focus and leading position on the cost curve provides unique
exposure to the aluminium industry. The Company operates bauxite and nepheline ore
mines, alumina refineries, aluminium smelters, foil mills and packaging production centres
along with power generating facilities. RUSAL provides for the entire production cycle – from
bauxite mining to the production of primary aluminium, alloys and foil.
RUSAL’s vertically integrated asset base:
BAUXITE
MINING
ALUMINA
PRODUCTION
ALUMINIUM
PRODUCTION
FOIL
PRODUCTION
Quick facts:

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RUSAL’s primary aluminium production capacity is currently at 4.5 million tonnes per
annum.
The Company’s long position in alumina capacity is supported by the vast bauxite
and nepheline syenite resource base.
RUSAL is committed to disciplined approach in production. In 2013, the Company
optimized its output through the curtailment of its least efficient smelters.
In 2013, RUSAL produced 3,857 thousand tonnes of aluminium, 7,310 thousand
tonnes of alumina, 11,876 thousand tonnes of bauxite and 89 thousand tonnes of foil
and foil containing packaging materials.
Key products:

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Primary aluminium
Extrusion billets
Rolling slabs
Primary foundry alloys
Wire rod
High purity aluminium
Primary aluminium re-melt ingots
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Foil and packaging products
Powder metallurgy
Silicon
Chemical products
Corundum
Gallium
Key customers:
The key consumers of RUSAL’s products are the transport, construction and packaging
industries.
9
2013 aluminium sales by products, %
2013 aluminium sales by regions, %
Source: UC RUSAL 2013 IFRS results, excluding global traders
Marketing priorities:


Increase share of sale of aluminium to end users in order to achieve a balanced
distribution scheme
Increase sale of alloys and other high value added products (In 2013 value-added
products accounted for 42% of total metal produced; this share is expected to reach
50% in the near future).
10
IN-HOUSE EPCM
One of RUSAL’s most significant competitive advantages is its in-house EPCM structure,
which incorporates over 70 years of Russian expertise in aluminium.
RUSAL’s in-house EPCM provides comprehensive R&D and engineering services, including:



extensive R&D activities and development of advanced aluminium and alumina
production technologies
implementation of comprehensive engineering and construction projects
maintenance, repair and replacement of process equipment at all RUSAL’s facilities.
RUSAL has its own Engineering and Technology Centres (ETC) in Krasnoyarsk, St.
Petersburg and a center specialized in designing in Irkutsk backed by scientific research
institutes – RUSAL-Vami in Saint-Petersburg and SibVami in Irkutsk.
The ETCs are responsible for:
 development of new aluminium production technologies, reduction pre-bake
technologies
 development of technologies aimed at reducing the cost of production
 development of revolutionary inert anode technology, which will significantly reduce
energy consumption and eliminate emissions (producing environmentally safe
products – aluminium and oxygen)
 exploring options for recycling and using red mud by various industries
 production of rare-earth and transition metals aluminium alloys to create wire rod for
the cable industry
RUSAL is installing advanced pre-bake, cleaner technology for some of its smelters,
particularly in its new projects.
11
BEMO PROJECT
The Boguchanskoye Energy and Metals Complex (BEMO) is a large-scale project co-financed
by UC RUSAL and RusHydro on a parity basis. The BEMO project includes construction of the
3,000MW Boguchanskaya hydropower plant on the Angara River and building of a 588,000
tonnes-per-annum Boguchansky aluminium smelter (BoAZ) that will become one of the
main consumers of the power generated by the HPP.
The successful completion of the BEMO
project will secure the power supply for
the Lower Angara region and stimulate
the development of new production
capacities, rail and road transport. This
project is a major step in RUSAL’s
strategy to strengthen and develop its
own energy base.
Total investment in the BEMO project is
estimated
at
USD5
billion,
with
investment in the BEMO smelter
BEMO HPP main generator hall as of Dec-31, 2013
estimated at USD2.6 billion. Investment
in the first phase of the smelter (296ktpa capacity) is estimated at USD1.6 billion.
The BEMO smelter will use the prebaked anode reduction process. Once construction is
complete, 672 RA-300B pots will be installed in the reduction areas of the smelter, each pot
capable of producing 2.4 tonnes of aluminium per day.
Once it achieves full capacity, operation at the smelter will employ almost 3,500 people,
more than half of whom will be directly involved in the production of aluminium.
A new railway station named Pikhtovaya is being constructed on the Karabula-Reshety
railway line for use by the new smelter. Once completed, it will connect the access railway
tracks of the smelter to the region’s railway system. Initially Pikhtovaya station will have a
throughput of 1 million tonnes of cargo per year, later on it will be increased to 2.1-2.2
million tonnes per year (260 railcars per day). The railway station is being built by Russian
Railways which will also operate the station once it is complete.
As at 31 December 2013, the first stage
of the start-up complex of the BEMO
aluminium smelter was estimated to be
70% complete. First metal at first startup complex to be received in 2H 2014.
Construction of the BEMO HPP is
currently in final stage. The first three
turbines were launched in November
2012. The HPP started hydropower
capacity sales to the free market from
March 1st, 2013. As of December 2013,
eight hydraulic units (out of nine) have
been put into operation.
BEMO Smelter construction site as of Dec-31, 2013
12
CORPORATE AND SOCIAL RESPONSIBILITY
RUSAL aims to be a leader in health, safety and environmental protection whilst focusing on
further social investments. The Company views the health and safety of its employees as a
fundamental responsibility.
RUSAL’s social performance is guided by the ten universal social and environmental
principles of the UN Global Compact to which the Company is a signatory. The Company’s
social programmes cover educational grants and support of extra curriculum activities,
volunteering, partnerships, local community support projects, promotion of healthy lifestyle
and support of mass sport activities, and charity work. The social investment also includes
private donations from our personnel as well as sponsored projects.
The Social Programs Center (CSP), the Company’s charitable foundation, which has
operated since 2004, has become a center of competences in the field of advanced social
technologies, corporate charity and volunteering in the regions where UC RUSAL operates.
The Company and its CSP implement social investment in active cooperation with numerous
partners from the regional and municipal administrations, social nonprofit organizations and
business associations. Focusing on the best global practices of social activities we aim to
share our experience and knowledge to our partners in the field.
In 2013, the Company’s social investments focused on four key programs: RUSAL’s
Territory, RUSAL’s First Aid, Formula for the Future and Social Entrepreneurship
Development Program. The total amount of the funds UC RUSAL invested in social
programs, charity and sponsorship in 2013 totalled USD14 million.
As a leader in its industry, RUSAL is taking steps to lessen the environmental impact of
its operations.
The Company’s approach to environmental protection is based on these key principles:
 reducing emissions, including greenhouse gases
 creating a closed-circuit water supply system for the main production processes of
the Company’s facilities
 increasing the volume of treated and used waste products and their safe disposal
 replacing and disposing of electrical equipment containing polychlorbiphenyls (PCBs)
 rehabilitating land which has been negatively impacted and assisting in the
maintenance of biodiversity
 creating corporate systems to manage environmental aspects and risks
Between 2008-2013 RUSAL reduced emissions by 32%; industrial water waste by 36% and
greenhouse gas emissions by 17.5% (in comparison to 1990).
RUSAL is committed to further reducing direct greenhouse gas emissions by the Company’s
existing smelters and in the long run achieving carbon neutrality as part of the full life-cycle
use (and re-use) of its aluminium products. The Company is actively participating in
International Aluminium Institute’s, Russian National Carbon Union’s and other activities
related to greenhouse gas emissions and energy efficiency. About 85% of the Company’s
aluminium is currently produced with environmentally friendly renewable hydro power.
13
FINANCIAL INFORMATION
Key operating and financial figures:
Operating data (1)
Primary aluminium
production (Kt)
Alumina production (Kt)
Bauxite mined (Mt Wet)
Financial data
(m US$)
Revenue
Adjusted EBITDA
(2)
Certain non-IFRS
measures
Aluminium cash
operating costs US$/t (3)
(Loss)/Profit
2013
2012
2011
2010
2009
3,857
4,173
4,123
4,083
3,946
7,310
11.4
7,477
12.4
8,154
13.5
7,840
11.8
7,278
11.3
9,760
651
10,891
915
12,291
2,512
10,979
2,597
8,165
596
1,907
1,946
1,984
1,724
1,471
(3,322)
(528)
237
2,867
821
Note:
(1) Figure based on total attributable output.
(2) Adjusted EBITDA is calculated as results from operating activities adjusted for amortisation and depreciation,
impairment charges and loss on disposal of property, plant and equipment.
(3) For all periods presented, Net Debt is calculated as Total Debt less cash and cash equivalents as at the end of
the period. Total Debt means the Company’s loans and borrowings at the end of the period.
14
SHAREHOLDERS
RUSAL became the first Russian company to list in Hong Kong in January 2010.
RUSAL’s shares are listed and traded on the Hong Kong Stock Exchange (Stock code: 486).
Global depositary shares representing RUSAL’s ordinary shares are listed on the professional
board of NYSE Euronext Paris (RUSAL/RUAL).
Russian depositary receipts representing RUSAL’s ordinary shares are listed on Moscow
Exchange (RUALR/RUALRS). RUSAL is the first company to have launched RDR programme.
RUSAL’s current shareholding structure
Note: (*) Amokenga Holdings is ultimately controlled by Glencore International Plc.
(**) Including 0.23% directly held by the CEO of the Company.
15
Contacts for media:
Olga Sanarova, Elena Morenko
+7 (495) 720-51-70
[email protected]
www.rusal.com
All announcements and press releases published by United Company RUSAL Plc are available on its
website under the links http://www.rusal.ru/en/stock_fillings.aspx and
http://www.rusal.ru/en/presscenter.aspx, respectively.