29 Sep 2009 11:40

Alrosa plans to reduce debt to $3.2 bln by end of 2010

MOSCOW. Sept 29 (Interfax) - Russian aluminum producer Alrosa plans to reduce its debt to $3.2 billion by the end of 2010, the company's president, Fedor Andreev, told journalists on Tuesday.

He said that the company could, depending on market conditions, issue between 10 billion and 30 billion rubles in bonds in December or the start of 2010. These issues, Andreev added, could receive state guarantee.

If Alrosa's profit comes to 9 billion-10 billion rubles for the first half of 2010, the company could place between $500 million and $1 billion in Eurobonds.

Andreev said that the company's main task this year was to achieve a "zeroed result." For the first half of 2009, Alrosa posted 14 billion rubles in net losses. This figure dropped to 8 billion rubles at the end of the first nine months.