Oleg Deripaska, the CEO of the world's largest aluminum company Rusal said global commodity producers need to cut output by up to 10 percent to bring the market back to balance.
"At the moment in many industries not just aluminum, [but] steel, cement, nickel we have a very urgent call to reduce output because the financial crisis created huge distortions in terms of demand," Deripaska told CNBC Europe's "Closing Bell" in London.
"We are seeing maybe the last act of the drama when a lot of CEOs with a very good career were punished last year because of shareholders suffering on the return on their investments and I think this has created a very important shift of paradigm," Deripaska added.
"We produce so much product which currently occupies warehouse [space] around the world and at the moment we should take a significant reduction, up to 10 percent. Of course, it's different for different industries," Deripaska said of the commodity market.