Chalco Returned to Profit in Jan-Feb - CEO-Shanghai Metals Market

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Chalco Returned to Profit in Jan-Feb - CEO

Industry News 10:57:35AM Mar 29, 2010 Source:SMM

SHANGHAI, Mar. 29 -- Aluminum Corp of China Ltd (2600.HK: Quote)(601600.SS: Quote)(ACH.N: Quote), the world's biggest aluminium company by market value, returned to profit in the first two months of the year, its chief executive said on Monday.

Chalco posted an unexpected loss in the fourth quarter of 2009, as higher costs more than offset rising metals prices.

Xiong Weiping, chairman and chief executive officer of the company, said that he expects aluminium prices to fluctuate between $2,000 to $2,400 a tonne in the global market and 15,500 to 18,000 yuan a tonne in the domestic market.

Chalco also expects China aluminium consumption at 16.5 million tonnes in 2010. The firm also expects 2010 global aluminium production capacity at 51 million tonnes, output at 41.6 million tonnes and consumption at 39.4 million tonnes.

Chalco produced 7.78 million tonnes of alumina in 2009, and 3.44 million tonnes of aluminium.

Chinalco, Chalco's parent company, said earlier this month that it signed a $2.9 billion agreement with Anglo-Australian miner Rio Tinto (RIO.AX: Quote) to jointly develop an iron ore project in Guinea.

 

Chalco Returned to Profit in Jan-Feb - CEO

Industry News 10:57:35AM Mar 29, 2010 Source:SMM

SHANGHAI, Mar. 29 -- Aluminum Corp of China Ltd (2600.HK: Quote)(601600.SS: Quote)(ACH.N: Quote), the world's biggest aluminium company by market value, returned to profit in the first two months of the year, its chief executive said on Monday.

Chalco posted an unexpected loss in the fourth quarter of 2009, as higher costs more than offset rising metals prices.

Xiong Weiping, chairman and chief executive officer of the company, said that he expects aluminium prices to fluctuate between $2,000 to $2,400 a tonne in the global market and 15,500 to 18,000 yuan a tonne in the domestic market.

Chalco also expects China aluminium consumption at 16.5 million tonnes in 2010. The firm also expects 2010 global aluminium production capacity at 51 million tonnes, output at 41.6 million tonnes and consumption at 39.4 million tonnes.

Chalco produced 7.78 million tonnes of alumina in 2009, and 3.44 million tonnes of aluminium.

Chinalco, Chalco's parent company, said earlier this month that it signed a $2.9 billion agreement with Anglo-Australian miner Rio Tinto (RIO.AX: Quote) to jointly develop an iron ore project in Guinea.