Rusal CEO: Investors Need to 'Calm Down'
Investors need to calm down and act rationally, Oleg Deripaska, the CEO of the world's largest aluminum company Rusal, said on Thursday, as markets tumbled following the U.S. Federal Reserve's indication that it may start scaling back asset purchases this year.
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"It is hot money. People do not know what will happen... they are moving based on emotions," Deripaska, the billionaire CEO of Rusal, told CNBC on the sidelines of the St. Petersburg International Economic Forum.
"Investors should accept the reality that you cannot change the economy… it is important to calm down," he added.
Regarding the aluminum market, Deripaska said that investors should be patient and trust that the problem of oversupply will correct itself within 18-to-24 months.
"Consumption is quite healthy... fundamentally, people need new cars, houses and iPads, all of which use aluminum," he said.
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Rusal is responsible for around 9 percent of the world's aluminum supply. The Russian company has cut its 2013 output target by 300,000 tons from 2012, and plans to maintain this new level for the next three years.
Deripaska added that patience was also required before judging if Rusal's listing on the Hong Kong stock market was a good move. Rusal was the first Russian company to list on the exchange. The stock has fallen 36.3 percent over the past year.
"It is too early to say, but I still believe we made the right move. Let's see in three years," he said. Rusal shares closed at 2.97 Hong Kong dollars on Thursday, down 8.33 percent on the day.