SHANGHAI, June 9 (SMM) – Sanmenxia Tianyuan Aluminum Company signed an agreement to acquire Mianchi Tianrui Aluminum Company for a total of RMB 711 million, including assets of aluminum and pre-baked carbon anode production lines and ancillary facilities. In addition to assets, Sanmenxia Tianyuan will gain land use rights in the Tiantan Industrial Zone, located in Mianchi County, Henan Province. Directors believe Sanmenxia Tianyuan Aluminum re-melting aluminum ingot capacity will increase to 225 kt/yr following the acquisition and will help the company respond to growing aluminum ingot demand as China’s economy continues to grow.
SMM believes losses at domestic aluminum producers will continue to grow, allowing acceleration in mergers and acquisitions, which will in turn promote the integration of China's aluminum industry and improve the industry concentration rate.
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