Under Oleg Deripaska, Rusal, the world's second-largest producer of aluminum, sliced net debt to $8 billion by the end of June, from $8.8 billion at the end of 2014 and $13.6 billion in 2009.
In light of this, the Russian billionaire said it was "100 percent" feasible for Glencore, a commodities trading and mining giant, to cut its own debt to "the low $20 billions" by the end of 2016.
"Why? Because they have quite a diversified business and they have a lot of opportunity to find new investors in some of their assets and I still believe it is fundamentally a very economically driven company," he told CNBC on Thursday.
Glencore shares crashed last month after a widely circulated note from Investec piqued concerns that the multinational's debt load was skyrocketing out of control.
However, the company, which has a market capitalization of around £17.6 billion ($27.2 billion), managed to soothe markets to a degree with its plans to slash its debt, partially through massive assets sales . In the latest update, Glencore hoisted the for-sale sign over two Chilean copper mines , having already sold a small Brazilian nickel project.
Glencore shares have lost nearly 60 percent of their value since the start of the year and now trade at around £123.50, down from roughly £300 in January. The stock crashed below £70 for the first time in September, before rallying this month by around 35 percent.
"They (Glencore) have been hit hard because of coal and energy prices, but still, people need our product, and commodities need a good trading platform and Glencore provides the best trading platform in our sector," Deripaska said.
Rusal and Glencore have close ties. The Russian company sells its aluminum to Glencore and bought alumina assets from Swiss Glencore in 2007.
To learn why Deripaska thinks there's worse to come for the Russian economy, click here .