Shandong Aluminum Industry to Get Government Support, SMM Reports

Published: Jul 6, 2016 09:34

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The government of Shandong, among China’s top three aluminum producing regions, recently released a document that will offer financial support to real economy.

SHANGHAI, Jul. 6 (SMM) –The government of Shandong, among China’s top three aluminum producing regions, recently released a document that will offer financial support to real economy.

According to the document, financial institutions are encouraged to offer timely and strong support to technical upgrade projects in traditional industries, including aluminum, steel, cement, etc. Besides, financial institutions are also guided to adopt various measures such as relending, extended loans and asset swap to help companies in traditional industries that have strong orders, famous brand, good profit, who face temporary cash tightness.

Aluminum capacity in Shandong takes up 22.5% of China’s total capacity. The latest move will help local aluminum smelters by reducing their financing costs and difficulties, SMM pointed out.

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