China Hongqiao to cut 2 mln tpy of outdated aluminium capacity
According to a news report from Reuters, China Hongqiao Group Limited, the biggest aluminium producer in China said that they have planned to cut 2 million tonnes per year of outdated aluminium capacity.
The company said that it expects the production to continue to be at similar levels to current production, albeit outdated capacity cuts. Also, the company anticipates that this outdated capacity cut will not impact its financials, cashflow or regular production.
It was reported earlier that the company is curtailing outdated capacity on the back of government’s strict measures against illegal production.
China has started taking strict measures this year to cut capacity to reduce excess supply and to put a curb on pollution. China’s top economic planning agency issued an order in April to close smelters that violate environmental guidelines.
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