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DJ Rusal Aim To Triple Aluminum Sales To China Via Trading JV With Norinco
Edited by : AL CIRCLE
2 min read
Russian aluminum producer United Co. Rusal PLC (0486.HK) hopes to triple its aluminum sales to China in the long run through a trading joint venture with China's state-owned China North Industries Corp., or Norinco, an executive said Thursday.
Rusal's Head of International Sales, Steve Hodgson, told a conference in southern China's Shenzhen city that the company, which in 2011 sold around 100,000 metric tons of aluminum to China, hopes to boost sales to the country through its 33%-owned North United Aluminium (Shenzhen) Co. to 200,000-300,000 tons a year in the long run, without giving a time frame.
"[The actual sales target will] depend on the market circumstance and how the industry in China develops," said Hodgson.
However, he noted that China's demand for the light metal, which is widely used by the construction and automobile industries, will remain robust despite near-term challenges, including overcapacity as well as slower global economic growth.
The EuroNext- and Hong Kong-listed Rusal in 2010 announced a plan to take a 33% stake in metals trader North United Aluminium from state-owned weapons manufacturer Norinco as part of efforts to boost sales to high-growth Asian markets, in particular China. Norinco owns the remaining 67% stake in North United Aluminium. The joint venture commenced operations Thursday.
Rusal's Head of International Sales, Steve Hodgson, told a conference in southern China's Shenzhen city that the company, which in 2011 sold around 100,000 metric tons of aluminum to China, hopes to boost sales to the country through its 33%-owned North United Aluminium (Shenzhen) Co. to 200,000-300,000 tons a year in the long run, without giving a time frame.
"[The actual sales target will] depend on the market circumstance and how the industry in China develops," said Hodgson.
However, he noted that China's demand for the light metal, which is widely used by the construction and automobile industries, will remain robust despite near-term challenges, including overcapacity as well as slower global economic growth.
The EuroNext- and Hong Kong-listed Rusal in 2010 announced a plan to take a 33% stake in metals trader North United Aluminium from state-owned weapons manufacturer Norinco as part of efforts to boost sales to high-growth Asian markets, in particular China. Norinco owns the remaining 67% stake in North United Aluminium. The joint venture commenced operations Thursday.
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