Russian aluminium RUSAL and SUAL have announced their merger. The Swiss GLENCORE company will be contributing a significant part to its assets to the merger. The new group will be called UCR - UNITED COMPANY RUSAL and will knock ALCOA off the number one spot in the world, with an annual production of 3.9 million tonnes as opposed to the current 3.6 million ALCOA produces. It will be 66% controlled by RUSAL shareholders, 22% by those from SUAL and 12% by GLENCORE. It will employ a workforce of 110,000 in 17 counties across 5 continents. UCR will be floated on the stock exchange after the finalisation of the agreement on 1st April 2007. Its value on the stock exchange stands at €12bn, with a turnover of the same amount.