SUAL group of companies will invest over $100 million during the year 2003. The total investment volume in 2001—2003 will amount to about $300 million.

The investment program for 2003 covers main business directions of SUAL group of companies.

The main funds — about $59 million — will be invested in development and modernization of alumina and primary aluminium plants (Irkutsk Aluminium, Ural Aluminium, Bogoslovsky Aluminium, Kandalaksha Aluminium, and Nadvoitsy Aluminium). Implementation of modernization program for these plants will allow not only to increase production capacities, but also to significantly improve environmental characteristics of productions, which is one of the most important aspects of SUAL plants" development.

Self-sufficiency in raw materials is one of the Company’s major strategic directions. To realize this ambitious aim, about $25 million will be allocated to the Mining Group. Main funds will be invested in the construction of Novo-Kaljinsk Mine at North-Ural Bauxite and further development of Komi Aluminium project at Timan.

It is also planned to further develop the Fabricated Products Group and increase current production capacity of its constituent enterprises.