Copper has climbed to almost four times the price of aluminum, a record ratio that’s accelerating a switch by manufacturers to using the cheaper metal in electric cables and wires, a United Co. Rusal executive said.
Russian Prime Minister Vladimir Putin ordered an investigation into explosions at a Siberian coal mine run by OAO Raspadskaya that killed at least 52 people, saying the whole industry will need to learn lessons from the disaster.
Russia is considering buying a stake in OAO GMK Norilsk Nickel , the country’s biggest mining company, amid an ownership battle between two of its largest shareholders, three people familiar with the matter said.
United Co. Rusal , the biggest aluminum producer, is trailing Alcoa Inc. and all other peers as billionaire founder Oleg Deripaska snubs shareholders’ pleas to end a two-year battle for control of OAO GMK Norilsk Nickel.
Trafigura Beheer BV, the second- largest industrial metals trader, said its plan to buy an 8 percent stake in Russia’s OAO GMK Norilsk Nickel will give it a “fast-track expansion” in accessing output of the metal.
United Co. Rusal investor Mikhail Prokhorov , with a 17 percent share, broke with Chief Executive Officer Oleg Deripaska by urging the world’s biggest aluminum company to consider selling its stake in OAO GMK Norilsk Nickel.