According to various published reports, the two largest aluminum companies in Russia are merging, which will create the largest aluminum producer in the world.
Vladimir Putin, Russia’s President, has approved the merger of Rusal to purchase OAO Sual Group, its smaller competitor. Additionally, Glencore International’s alumina assets will be included in the new business.
The three companies signed a non-binding deal earlier this month, according to the Financial Times. Rusal will purchase buy Glencore's alumina assets by issuing new shares and will own 64.5 percent of the new company, with Sual 21.5 percent and Glencore 14 percent respectively.
Combined, Rusal and Sual produced 3.71 million tons of aluminum last year, surpassing the 3.55 million tons produced by Alcoa, the largest aluminum producer in the world. 
Glencore, the world's largest commodities trader, buys and sells base metals including aluminum, nickel, copper, zinc and lead. The privately held company had sales of $91 billion in fiscal 2005, up from $71 billion a year earlier, and has stakes in mines, smelters and metals refineries.
By acquiring Glencore's aluminum assets, Rusal will gain alumina production in Jamaica and Ireland, which can produce about 4.75 million tons a year.
In unrelated news, Rusal also announced plans t it plans to complete a buyout of minority shareholders in its Russian plants by the end of this year.
The plan includes the Krasnoyarsk, Bratsk, Novokuznetsk and Sayanogorsk aluminum smelters, the Achinsk and Boksitogorsk alumina refineries, and the All-Russia Aluminium and Magnesium Institute, the company said.