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Fall in price and demand hammers Chalco
By Helen Yuan |
January 23, 2009, Friday
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Print Edition
Print Edition
ALUMINUM Corp of China Ltd, the nation's biggest producer of the metal, said profit plunged more than 50 percent last year as prices dropped and demand declined in the global recession.
"Demand for aluminum from the real estate, automobile and related industries had decreased significantly" in the second half, the Beijing-based company said yesterday in a statement to Hong Kong's stock exchange, without giving a precise earnings figure. Profit in 2007 was 10.24 billion yuan (US$1.5 billion), Bloomberg News said.
Aluminum futures plummeted 35 percent last year in Shanghai, resulting in losses at many Chinese smelters.
Chalco, as the company is known, said it slashed 18 percent of annual aluminum capacity after reporting its third-quarter earnings plummeted 93 percent.
"Demand for aluminum from the real estate, automobile and related industries had decreased significantly" in the second half, the Beijing-based company said yesterday in a statement to Hong Kong's stock exchange, without giving a precise earnings figure. Profit in 2007 was 10.24 billion yuan (US$1.5 billion), Bloomberg News said.
Aluminum futures plummeted 35 percent last year in Shanghai, resulting in losses at many Chinese smelters.
Chalco, as the company is known, said it slashed 18 percent of annual aluminum capacity after reporting its third-quarter earnings plummeted 93 percent.
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