Aluminium producer Alcoa eyes Ukraine’s Mykolaiv Alumina Plant amid privatisation push

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The United States-based Alcoa Corporation, one of the world's leading aluminium companies, has expressed interest in the Ukrainian Mykolaiv Alumina Plant (MAP), which was nationalised from Russian business executive Oleg Deripaska. The information has been disclosed by the Head of the State Property Fund of Ukraine, Dmytro Natalukha. The update follows the announcement made by the State Property Fund in April 2026, offering the Mykolaiv Alumina Plant for privatisation in the fourth quarter of 2026, with the bid starting at USD 86 million. 

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Although the name of Alcoa as a potential investor was not officially disclosed, it was mentioned that the interested body was a prominent public company specialised particularly in the aluminium industry. Moreover, market sources report that Alcoa, with its shares traded on the New York Stock Exchange, happens to be the most likely bidder amongst the aluminium-producing firms listed on the NYSE database.

Natalukha elaborated that the State Property Fund representatives have initiated negotiations with the potential investor, and the talks were held in London. That being said, the ongoing geopolitical conflict between Ukraine and Russia remains another major deciding factor, largely influencing decisions of the public international corporations about making long-term investments in Ukraine.

Thus, he noted, “They are large and public, so the chances that they will ultimately decide to enter the Ukrainian jurisdiction” with continued geopolitical tensions are “significantly lower than in the case of private companies.” 

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The State Property Fund had previously noted that geopolitical risks rather than the company’s debt obligations remain the main obstacle to the sale of the Mykolaiv Alumina Plant. The agency is seeking a strategic foreign investor, with countries such as the US and India viewed as potential stakeholders.

Before the full-fledged onset of conflict between the two nations, the plant was a primary enterprise of Ukraine’s aluminium industry and a major supplier of alumina to Russia’s RUSAL, controlled by Oleg Deripaska.

The transfer of the asset to state ownership took nearly two years. In July 2022, MAP’s corporate rights were transferred to the Asset Recovery and Management Agency (ARMA). Before that, MAP used to support an estimated 5,000 jobs. In June 2023, Ukraine’s High Anti-Corruption Court upheld the confiscation of Deripaska-linked assets, including the plant, with nationalisation completed in March 2024.

Since the outbreak of the full-scale conflict, operations at the facility have largely remained suspended. Around 400 employees currently remain on site to maintain critical infrastructure, manage red mud disposal areas, and ensure environmental safety.

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