China's Henan Mingtai Aluminum to raise 1.22 bln yuan for automotive aluminium alloy sheet project

<p>According to a recent finance.china report, Henan Mingtai Aluminum Co. made an announcement on September 5 regarding its plans to raise about 1.22 billion yuan for its upcoming automotive aluminium alloy sheet project. The large-scale, listed aluminium rolling mill company plans to raise the fund via private placement. <br /><br />The automotive aluminium alloy sheet project will be constructed over a period of two years and will have an annual capacity of 125,000 tonnes. On completion, the project is expected to yield 2.23 billion yuan revenues and net profit of 140 million yuan per year on average.<br /><br /><img style="vertical-align: middle; display: block; margin-left: auto; margin-right: auto;" src="http://www.alcircle.com/uploads/images/Henan%202.jpg" alt="News" width="512" height="341" /><br /><br />According to a recently published Research and Markets report, the global consumption of aluminium rolled products amounted to 23.8 million tonnes in 2015, up 5.1 per cent from the same period previous year. Transportation industry accounted for 23 per cent of total aluminium rolled products consumption. <br /><br />It is projected that with transportation likely to become the largest end user market of aluminium rolling surpassing packaging, the global consumption of aluminium rolled products will hit 30 million tonnes in 2020 growing at a CAGR of around 5 per cent.<br /><br />{googleAdsense}<br /><br />China, as the world's most important aluminium processing and consumption base, produced 10.70 million tonnes of aluminium sheets and strips and 2.665 million tonnes of aluminium foils in 2015, a year-on-year rise of 8.5 per cent and 0.6 per cent, respectively. The output of aluminium sheets and strips and foils is expected to maintain a pace of about 7 per cent and 5 per cent during 2016-2020, separately.</p>