Deals
Aluminum Giant Scans for Openings Abroad as Chinese Market Sinks
- Chinalco says its under pressure as domestic prospects dim
- Global market will turn to surplus next year, says Antaike
This article is for subscribers only.
China’s top state-run aluminum producer increasingly sees its future overseas, as the world’s biggest market for the lightweight metal becomes swamped with capacity and raw materials costs rise.
“We’re not very optimistic,” Ao Hong, deputy general manager of Aluminum Corp. of China, or Chinalco, said in an interview in Kunming on Wednesday. “We’re under huge pressure, so the company has to accelerate reform and cut costs internally.” While Chinalco’s businesses remain profitable, many smaller firms are making losses at current prices, he said.