Rusal CEO: No Plan To Cut 2010 Capacity Growth Target Despite Weaker Prices

HONG KONG, June 10 -- Russian aluminum giant United Co. Rusal PLC (0486.HK) has no plans to cut its capacity growth targets this year despite weaker aluminum prices in recent months, Chief Executive Oleg Deripaska said Thursday.

Deripaska told reporters in Hong Kong that the physical market remains strong, with demand being mainly driven by Asian countries such as China, Japan and Korea.

Rusal, the world's biggest aluminum producer by output, said earlier this year it planned to increase aluminum output by 3% and alumina production by 11% in 2010, assuming the global economy continues to recover.

Rusal, which listed on the Hong Kong stock exchange in January, reported a first-quarter net profit of US$247 million, based on international accounting standards, compared with a net loss of US$638 million a year earlier, because of higher aluminum prices during the period.