Cash flow tough as prices fall
Source: Bloomberg News |
October 25, 2011, Tuesday
|
Print Edition
Print Edition
ALUMINUM Corp of China Ltd, the country's biggest producer of the metal, said some of its units may face "tough" cash flow situations as prices continue to plummet, President Luo Jianchuan said.
Prices have fallen close to production costs while China's tightening monetary policies make financing increasingly difficult, Luo said in a statement posted on the company's website yesterday. Profit at the company known as Chalco fell in September from a month earlier, even as third-quarter net income had a "large increase," he said, without elaborating.
Aluminum prices in London have dropped 23 percent from a high in May on concerns that the European sovereign-debt crisis and a slowdown in the United States economy may curb demand for commodities. Premier Wen Jiabao said China will maintain tight monetary policy to curb high inflation, according to a statement posted on the government's website on Saturday.
Prices have fallen close to production costs while China's tightening monetary policies make financing increasingly difficult, Luo said in a statement posted on the company's website yesterday. Profit at the company known as Chalco fell in September from a month earlier, even as third-quarter net income had a "large increase," he said, without elaborating.
Aluminum prices in London have dropped 23 percent from a high in May on concerns that the European sovereign-debt crisis and a slowdown in the United States economy may curb demand for commodities. Premier Wen Jiabao said China will maintain tight monetary policy to curb high inflation, according to a statement posted on the government's website on Saturday.
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