Russia's RusAl, the world's largest aluminum company, is considering building an aluminum plant in Iran with a capacity of 375,000 tons but U.S. sanctions against the Islamic Republic may hinder the project, Kommersant business daily reported on Thursday.
RusAl's proposed aluminum plant in Iran could produce about 9 percent of the aluminum giant's capacity worldwide but may close the U.S. market for RusAl, where the company's sales hit almost $11 billion or about 9 percent of its global revenues.
RusAl told the paper that the company was interested "in developing business and diversifying the geography of aluminum production, seeking to be closer to the fast-growing markets, and is constantly exploring various options."
Production of aluminum in Iran is one such opportunity, although the company has no specific plans and is not discussing any projects in that country, the aluminum giant told the paper.
However, a source familiar with the matter told the paper RusAl had been discussing an aluminum production project in Iran for several years now.