Shanghai Metal Market
Ye Chiu Metal Recycling reports 22.4% drop in H1 profit
Edited by : AL CIRCLE
2 min read
Ye Chiu Metal Recycling (China) Ltd. reported a 22.4% decline in first half’s profit due to sluggish aluminium alloy market and restated its expansion plans on China’s policy support.
It made a net profit of 71.9 million yuan ($11.6 million) or 0.18 yuan per share in the first six months, Asia’s largest secondary aluminium producer told Shanghai Stock Exchange today.
It is building a 218,800-tpy secondary aluminium alloy plant in Malaysia, and is also planning a 273,600-tpy plant with location yet to be confirmed, it said in the interim report. Ye Chiu currently has a production capacity of 269,000 tpy.
The company’s total capacity would grow to 812,400 tpy after completion of the two projects, it added.
The expansion ``would effectively solve the company’s production bottlenecks currently existing, align us with the rapid growth trend in the secondary aluminium industry, and maintain the company’s leading position in the industry’’, it said.
Ye Chiu is also building a sorting centre of scrap aluminium in the US as part of deploying an international raw material purchasing system, it said.
A ``key spotlight’’ in the new Aluminum Industry Standards issued by China’s Ministry of Industry & Information Technology (MIIT) on July 18 was that it clarified the importance of secondary aluminium sector, and distinguished it from alumina and primary aluminium which are energy-consuming, Ye Chiu said.
The government's clear classification of secondary aluminium among green industries would make it entitled to policy support and help it ensure relatively high growth in the future, it added.
It made a net profit of 71.9 million yuan ($11.6 million) or 0.18 yuan per share in the first six months, Asia’s largest secondary aluminium producer told Shanghai Stock Exchange today.
It is building a 218,800-tpy secondary aluminium alloy plant in Malaysia, and is also planning a 273,600-tpy plant with location yet to be confirmed, it said in the interim report. Ye Chiu currently has a production capacity of 269,000 tpy.
The company’s total capacity would grow to 812,400 tpy after completion of the two projects, it added.
The expansion ``would effectively solve the company’s production bottlenecks currently existing, align us with the rapid growth trend in the secondary aluminium industry, and maintain the company’s leading position in the industry’’, it said.
Ye Chiu is also building a sorting centre of scrap aluminium in the US as part of deploying an international raw material purchasing system, it said.
A ``key spotlight’’ in the new Aluminum Industry Standards issued by China’s Ministry of Industry & Information Technology (MIIT) on July 18 was that it clarified the importance of secondary aluminium sector, and distinguished it from alumina and primary aluminium which are energy-consuming, Ye Chiu said.
The government's clear classification of secondary aluminium among green industries would make it entitled to policy support and help it ensure relatively high growth in the future, it added.
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