China: Chalco in the red for Q1 2013

Last year, the company reported deficits of RMB8.2 billion.

Other Chinese aluminium producers offered similarly disappointing Q1 figures.

• Yunnan Aluminium posted losses of RMB74.5 million against deficits last year of RMB23.8 million.

• Zhongfu Industrial reported losses of RMB115.4 million.

• Henan Shenhuo’s profits were down 68% at RMB89.7 million.

• Jiaozuo Wanfang offered net profits of RMB71 million, up by 160.11% year-on-year. The company did receive a RMB51.36 million government subsidy.

China had a 27Mt/year aluminium production capacity at the end of 2012, but only produced 20.3Mt, meaning that output was running at 75.2%.

By the end of 2013, it is estimated that China’s aluminium smelting capacity will reach 30Mt.

Source: China Metals.