Volkhov Aluminium and Pikalevo Alumina Become Subsidiaries of Sual

The process of consolidating OAO Metallurg into OAO Siberian-Urals Aluminium Company is now complete. On 30 September 2004, Pikalevo Alumina and Volkhov Aluminium, former subsidiaries of OAO Metallurg, became subsidiaries of OAO SUAL.

Volgograd Aluminium and the OAO Metallurg's subsidiaries, Pikalevo Alumina and Volkhov Aluminium, were integrated into the SUAL Group production chain in 2002, after a preliminary agreement was reached with the SevZapProm management company to merge these assets. It is expected that Volgograd Aluminium will become a subsidiary of OAO SUAL by the end of this year.

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