13 OCTOBER 2015Shanghai Metal Market
Chalco announces full closure at Liancheng branch
Edited by : AL CIRCLE
1 min read
Aluminum Corporation of China (Chalco) decided on October 8 to shut down all the remaining electrolytic cells at its Liancheng branch.
The move is aimed at reducing losses and is also in response to severe overcapacity in the industry, said Jiang Yinggang, Deputy President at Chalco. Chalco (Liancheng) suffered an accumulative loss of 1.99 billion yuan ($314 million) over the past five years, due mainly to persistent declines in aluminum prices .
The company will not resume production until market conditions turn favorable, added Jiang Yinggang.
The move is aimed at reducing losses and is also in response to severe overcapacity in the industry, said Jiang Yinggang, Deputy President at Chalco. Chalco (Liancheng) suffered an accumulative loss of 1.99 billion yuan ($314 million) over the past five years, due mainly to persistent declines in aluminum prices .
The company will not resume production until market conditions turn favorable, added Jiang Yinggang.
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