BHP Billiton Ltd abandoned a bid for rival Rio Tinto Group, a move which was anticipated and would benefit Chinese steel makers, domestic industry sources said.
“BHP’s decision just underscores the current global market turmoil,” said Lu Youqing, vice president at Chinalco, which together with Alcoa of the United States bought 9 percent in Rio in [...]
Rio Tinto Group, the second largest iron ore exporter in the world, intends to cooperate with Aluminum Corp of China Ltd (Chalco)<601600><2600> on the joint exploration of new iron ore mines in Australia as well as infrastructure development in Queensland, sources reported.
Rio Tinto may set up a joint venture with Chalco to further enhance its [...]
Aluminum Corp of China Ltd, the nation’s biggest producer of the metal, yesterday said it has idled 38 percent of its alumina capacity because of falling prices and demand.
Chalco, as the Beijing-based company is known, had shut 4.11 million metric tons of annual production capacity as of Wednesday, it said in a filing to the Hong [...]
Aluminum Corp of China Ltd (Chalco)<601600><2600>, the top aluminium maker in the country, has idled 38%, or 4.11 million tons of its annual alumina capacity, the Shanghai Securities News reported, citing Chalco’s statement on Thursday.
The idled capacity includes 640,000 tons in its Zhongzhou plant, 1.1 million tons in Shanxi, 1.17 million tons in Shandong and [...]
Aluminum Corp of China Ltd, the country’s largest producer, said yesterday its third-quarter earnings slumped 93 percent as metal prices dropped and slowing economic growth hurt demand.
Net income fell to 182.9 million yuan (US$27 million), or 0.014 yuan a share from 2.29 billion yuan, or 0.191 yuan, a year earlier, the company, known as Chalco, [...]
The Aluminum Corporation of China Ltd. (Chalco), the country’s largest aluminum producer, said on Wednesday it would cut production in line with falling demand and prices.
The total capacity reduction would be 720,000 tons a year or 18 percent of the company’s annual production, said a company statement.
It would reduce or stop electrolytic aluminium production in [...]
