The high cost "forced" China Aluminum Corporation (601600.SH, 02600.HK, hereinafter referred to as Chinalco) to advance into the upstream sector. Xiong Weiping, Chairman and CEO of Chinalco, said at the 2010 Interim Results Conference held in Shanghai that the company has initiated a three-year structural adjustment plan and decided to enter the coal and iron ore fields to make a joint venture with Rio Tinto. The Mandu iron ore project was injected into the listed company, and it is planned to build two to three coal production bases with high resource utilization rate and reasonable matching with the downstream aluminum industry chain in three years to form a more complete coal-electric aluminum industrial chain.
Chinalco's mid-year report data showed that there were nearly 100 million losses in the second quarter. In response, the company's management responded that the decline in aluminum prices caused by real estate control policies and electricity price policies is the main reason. “Aluminum prices have fallen and costs have risen. The two extrusions have caused the company to lose more than 500 million yuan in June. However, on the basis of the pre-digestion cost increase factor, Chinalco’s losses in July have been greatly reduced.†China Aluminum Liu Xiangmin, vice president of the industry, said.
"What we have to do in the future is to start from the upstream resources and strengthen the resources of bauxite, thus increasing our competitiveness in the aluminum business." Xiong Weiping revealed.
Although the losses in the second quarter were severe, the management of Chinalco said it was confident that it would turn losses in the third quarter. The company’s management revealed to the reporter, “In fact, the first quarter results were significantly better than the second quarter. In June, the monthly loss was nearly 500 million yuan. The loss in July narrowed. As the aluminum price began to rise, the company is confident that it will turn losses in the third quarter. ."
Chinalco's mid-year report data showed that there were nearly 100 million losses in the second quarter. In response, the company's management responded that the decline in aluminum prices caused by real estate control policies and electricity price policies is the main reason. “Aluminum prices have fallen and costs have risen. The two extrusions have caused the company to lose more than 500 million yuan in June. However, on the basis of the pre-digestion cost increase factor, Chinalco’s losses in July have been greatly reduced.†China Aluminum Liu Xiangmin, vice president of the industry, said.
"What we have to do in the future is to start from the upstream resources and strengthen the resources of bauxite, thus increasing our competitiveness in the aluminum business." Xiong Weiping revealed.
Although the losses in the second quarter were severe, the management of Chinalco said it was confident that it would turn losses in the third quarter. The company’s management revealed to the reporter, “In fact, the first quarter results were significantly better than the second quarter. In June, the monthly loss was nearly 500 million yuan. The loss in July narrowed. As the aluminum price began to rise, the company is confident that it will turn losses in the third quarter. ."
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