HomeChina Stock News CHINALCO to focus on integration of acquired electrolytic aluminum smelters in 2007
CHINALCO to focus on integration of acquired electrolytic aluminum smelters in 2007
Written by Administrator
Monday, 29 January 2007
BEIJING, Jan. 18 (InfoChina) – CHINALCO, the world’s second biggest aluminum producer and the parent company of Aluminum Corp of China (Chalco, ACH.NYSE, 2600.HK), plans to slow down its step in acquiring domestic electrolytic aluminum smelters in 2007, instead, it will focus its efforts on coordinating the smelters already acquired in 2006 to ensure a smooth match-up among them, Lu Youqing, deputy general manager of the company, disclosed.
However, CHINALCO may also resume acquisition if there are chances, Lu said.
It is learned that CHINALCO has ranked high worldwide in electrolytic aluminum output capacity.
It is said that CHINALCO has no plan to set up new electrolytic aluminum plants this year, and the output capacity in some units may be expanded after technical upgrading in 2007.
Lu also unveiled that CHINALCO pledges to sign strategic cooperation agreements with the Industrial and Commercial Bank of China (ICBC), China Construction Bank (CCB) and the Bank of China (BOC) before the Spring Festival on February 18 in a bid to reinforce cooperation between industrial capital and financial capital.
CHINALCO took over and made equity investment in a number of domestic electrolytic aluminum smelters in 2006 including Jiaozuo Wanfang, Zunyi Aluminum, Shandong Huayu Aluminum, Fushun Aluminum, Hualu Aluminum and Liancheng Aluminum. Besides, its subsidiary Chalco plans to buy out Shandong Aluminum and Lanzhou Aluminum via share swap and has got the nod from tradable share holders of the two units recently.
As for integration of Baotou Aluminum and Jiaozuo Wanfang, the only two listed subsidiaries of CHINALCO left in the A-share market, Lu said that CHINALCO is still actively mulling over it but declined to disclose more details. (Edited by Li Xueqing,
)
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