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Aluminum industry is going through 'tough times': Chinalco
Edited by : AL CIRCLE
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The aluminum industry is in 'tough times' but its outlook is expected to improve next year as global economic recovery picks up, Aluminum Corp. of China Ltd. ACH -1.69% President Xiong Weiping said Thursday.
"The aluminum industry should recover [next year] but is going through a difficult period," Mr. Xiong told Dow Jones Newswires on the sidelines of the Communist Party Congress in Beijing, where the next generation of Chinese leaders will be chosen.
Hit by sluggish global demand and lower prices, Aluminum Corp. of China, the country's biggest alumina and aluminum producer by output, reported a net loss of 1.08 billion yuan ($173 million) for the three months ended Sept. 30, compared with a net profit of CNY555 million a year earlier. Revenue in the period fell 11% to CNY37.13 billion.
"The aluminum industry should recover [next year] but is going through a difficult period," Mr. Xiong told Dow Jones Newswires on the sidelines of the Communist Party Congress in Beijing, where the next generation of Chinese leaders will be chosen.
Hit by sluggish global demand and lower prices, Aluminum Corp. of China, the country's biggest alumina and aluminum producer by output, reported a net loss of 1.08 billion yuan ($173 million) for the three months ended Sept. 30, compared with a net profit of CNY555 million a year earlier. Revenue in the period fell 11% to CNY37.13 billion.
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