The United Company was formed by the merger of Rusal (Russian: Русский алюминий, romanized: Russkiy alyuminiy, lit.

[8] UC Rusal's roots lie in the business activities of Russian businessman Oleg Deripaska, who entered the metals industry as a commodities agent and broker at the Moscow Trade Stock Exchange (Moskovskaya Tovarnaya Birzha (MTB)) and then at the Russian Commodities and Raw Materials Exchange (Rossiyskaya Tovarno-Syryevaya Birzha (RTSB)).

[9] Between 1991 and 1994, companies set up by Deripaska with the backing of industrialist and entrepreneur Michael Cherney started investing in the shares of Sayanogorsk Aluminum Smelter (SAZ), one of the newest and most modern aluminium plants built in Soviet times (1980–1985).

Gradual strategic acquisitions and growth projects eventually led to the creation of one of the world's largest aluminium and alumina producers.

In 2003, Millhouse Capital sold its 50% stake in Rusal to Basic Element, which held the remaining half of the shares and belongs to Deripaska.

In 2004, Rusal made the strategic decision to focus on its upstream business and began disposing of its downstream assets, including the sale of its fabricating division to Alcoa in January 2005.

[15] The divestiture process was largely completed in 2006 with the distribution of certain aluminium construction plants and other non-core assets to companies controlled by RUSAL's beneficial owner.

[citation needed] In 2006, Rusal acquired assets of the state-owned Aroaima Mining Company in Guyana,[20] acquired the remaining equity interest in the Friguia bauxite and alumina complex in Guinea, completed an extensive retrofit of the Armenal foil mill and commissioned the Khakas aluminium smelter in Russia, one of the most advanced aluminium production facilities in the world.

[21] In May 2006, Rusal and RusHydro signed a co-operation agreement for the construction of the Boguchanskaya hydropower station (HPP) and the Boguchansky aluminium smelter.

[28] In November 2007, Rusal signed a cooperation agreement with Samruk-Energo, a subsidiary of Samruk-Kazyna, on the creation of a 50/50 joint venture to operate the Bogatyr Komir LLP, the largest coal mining company in Kazakhstan.

Because of a string of mergers and acquisitions, particularly that of Norilsk Nickel, UC Rusal had a high level of debt, which was exacerbated by the onset of the global financial crisis in 2008.

[31] In January 2010, UC RUSAL was listed on the Hong Kong Stock Exchange with its IPO price of HK$10.8 per share and capital raising of US$2.2 billion.

[39] Rusal also signed a memorandum of understanding with one of its main competitors, Shandong Xinfa Group, pertaining to the study of future potential cooperation areas, such as joint ventures.

[51] In April 2017, Rusal signed a joint venture with Indian firm Runaya Metsource for producing aluminum paste and powder, with commercial activities set to commence in 2018.

[53] In April 2022, Rusal America Corporation was sold to former executives Brian Hesse and Andrey Donets and subsequently renamed PerenniAL.

[57] As of the end of 2020, UC Rusal owned 9 aluminium smelters, 9 alumina refineries, 7 bauxite mines worldwide, and 4 domestic foil rolling mills.

[64][65] The United States Department of the Treasury issued a statement declaring that Deripaska was accused of illegal wiretapping, threatening the lives of business rivals, extortion and racketeering.

[67] In May 2018, the company announced the resignation of CEO Alexandra Bouriko and seven board members in order to avoid U.S. sanctions against Oleg Deripaska.

[63] In April 2019 the company announced a project in Greenup, Kentucky that would produce flat-rolled aluminum products for the US automotive industry.

[74] Rusal signed an agreement in September 2021 with the UK's Budweiser Brewing Group to produce five million ultra-low carbon beer cans.

[76] In 2012, Rusal donated 25 tonnes of medical supplies to Sierra Leone to control the outbreak of cholera in the country as part of its commitment to corporate social responsibility.

In 2015, the company invested $10 million to build the "Centre for epidemic and microbiological research and treatment" in Guinea to fight the spread of the virus.