The State Property Fund is working with the new management of Zaporozhye Aluminum Works to prepare the enterprise for privatization.
Now ZALK is in a difficult financial condition, the result of the ineffectual management of the previous private owners.
In 2001, 68% of the company shares were bought by AvtoVaz-Invest. Later, in 2006, the new owner of the shares became Velbay holdings limited, controlled by Rusal of the Russian oligarch Oleg Deripaska. He was also able to buy 29.5% of shares. Thus, he received control over 97.5% of ZALK shares.
In 2015, the state returned 68% of shares giving them to the State Property Fund. The rest (29.5%) were returned in February.
In March 2009, the alumina shop suspended operation, in April 2011 – electrolysis shop, that produced primary aluminum, and in July 2014 – the foundry shop.
Now the main sources of income for the enterprise are leasing its assets and sells of assets and stocks. In 2022, ZALK received 59.3 million UAH of losses. (Ukrainian metal)