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After carnage, aluminium ‘finally settling’: Rusal CEO

Wednesday, 11 Sep 2013 | 2:21 AM ET
Rusal CEO: Higher consumption to lift aluminum
Tuesday, 10 Sep 2013 | 10:15 PM ET
Oleg Deripaska, CEO of Rusal is hopeful for a better future in the aluminium industry given the sector's rising oversupply concerns.

The outlook for aluminium has stabilized, with consumption improving, according to the head of the world's biggest aluminium company, Oleg Deripaska.

Deripaska, chief executive of Russian producer Rusal, predicted more stable economic growth around the world over the next 5-10 years, and consequently more stable growth in the aluminium market, in an interview with CNBC at the World Economic Forum in Dalian. "Finally, everything has settled," he said.

Aluminium prices hit four-year lows earlier this year, amid fears that new rules about storing the metal in a warehouse could flood the market with it.

(Read more: Warehouse upheaval and aluminium prices)

Deripaska argued that Rusal is at an advantage in China because of its relatively environmentally friendly production techniques,compared to coal-fired industry.

The billionaire, an ally of Russian President Vladimir Putin, praised Putin's "warning" to the world about military action in Syria. Putin issued a warning to U.S. President Barack Obama as the U.S. looked closer to approving military action in Syria,which is engulfed in conflict at the moment.

"We have fought so much for the last 300 years that we are always cautious to start any war, and especially in the Middle East. A lot of our people are Muslim and we have a great history and relationship with ex-Soviet republics and central Asian caucuses. It's a very important issue for stability in the long term," he said.

Follow Catherine Boyle on Twitter: @cboylecnbc

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