OJSC Metallurg intends to set up a production of high-purity aluminum.According to the company's administration, it is currently holdingnegotiations with the French-based Pechine on acquiring the necessaryproduction technology. If the parties come to an agreement, Metallurg willsupply the French firm with aluminum for 3 to 5 years from the commencementof production in exchange for the provided technology. The total aluminumoutput is expected to reach 20 to 40 tons a year. According to estimationsmade by the Russian producer, this project will require from $6m to $7m infunding. Metallurg was established as a result of a merger betweenPikalyevskoe Association Glinozyom and Volkhovsky Alyuminy and registeredon October 15, 2001. A group of investors, which is represented bybusinessmen Mikhail Shlosberg and Alexey Shmargunenko in St. Petersburg,holds 81.8 percent of shares in this aluminum company. Within this groupthe shares are distributed as follows: Aimet UK Ltd. (Great Britain) owns52.3 percent, Shanton (Malta) has 13.68 percent and Predpriyatie LTR owns15.69 percent. A 14-percent stake of the shares belongs to the RussianFederal Property Fund, and the remaining 4.32 percent are held by twoRussian companies and several individual investors. .
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