Chalco third-quarter profit slumps, aluminium output falls 10% [Reuters]
Aluminum Corporation of China Limited American Depositary Shares (ACH)
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Source: Reuters
Chalco third-quarter profit slumps, aluminium output falls 10% - Reuters 3 Min Read BEIJING (Reuters) - Aluminum Corp of China Ltd posted a sharp fall in both aluminium output and sales in the third quarter, data released on Wednesday showed, after the company earlier reported a slump in quarterly profit. Chalco, the listed arm of state-owned aluminium firm Chinalco, reported a 10.4% year-on-year fall in aluminium production in July-September to 950,000 tonnes, in a data sheet for analysts reviewed by Reuters. Aluminium sales fell by a steeper 13.8% to 940,000 tonnes, indicating lacklustre demand in China, the world’s top consumer of the metal. The declines comes after Chalco closed a 200,000 tonnes per year plant in eastern China’s Shandong province in January due to high electricity costs, and said later it would transfer 190,000 tonnes of capacity from northern China to an affiliate in Yunnan. Its output still topped Russian rival United Company Rusal, which produced 942,000 tonnes
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