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Chalco, Hebei Steel, Mills Must Shut Old Plants, China Says 

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SHANGHAI, Aug. 9 -- China, seeking to cut energy intensity by 20 percent, said Aluminum Corp. of China Ltd., Hebei Iron &amp; Steel Group and more than 2,000 companies must shut outdated plants by September or lose financial support.
Companies that fail to meet the deadline will be barred from obtaining loans, and won't get approval for new investments and land access, the Ministry of Industry and Information Technology said in a statement dated yesterday on its website. The ministry named companies in the steel, metals, paper and cement industries.
China, the world's fastest-growing major economy, consumed more energy in the first half for every economic unit produced, threatening a five-year target. The shutdowns may accelerate a slowdown in industry output growth, with the nation set to post the weakest expansion since August 2009, according to economists surveyed by Bloomberg News.
&quot;This is the strongest warning the government has ever given to companies on capacity shutdowns,&quot; said Zhou Xizeng, chief analyst with Citic Securities Co. &quot;This is the first time we've seen the details of the facilities and company names. The government's counter-measures are also stronger than before.&quot;
The State Council, the nation's cabinet, in May asked local governments to ensure this year's targets for cutting overcapacity and pollution are met by the third quarter. The nation earlier issued new environment standards for steelmakers and removed electricity rebates for aluminum producers to curb overcapacity and pollution in energy-intensive industries.
Aluminum Corp of China, also known as Chalco, is the nation's largest maker of the metal and Hebei Steel is China's biggest steelmaker.
Energy Intensity 
Energy used per unit of GDP rose 0.09 percent in the first six months from a year earlier. In the first four years, the reduction was 14.4 percent, Premier Wen Jiabao said in May. The nation also plans to cut output of carbon dioxide per unit of GDP by between 40 percent and 45 percent of 2005 levels by 2020.
Industrial output growth in July may have climbed 13.4 percent from a year earlier, after a 13.7 percent gain in June, according to the median estimate of a Bloomberg News survey of 29 economists. The data are scheduled for release on Aug. 11.
&quot;Many doubt the government's capacity-closure measures would take effect,&quot; Zhou said. &quot;I believe it will because of these closure details. It is part of the government's efforts to save energy use and cut emissions.&quot;
Shandong Aluminum Co., a unit of Chalco, must shut a facility with an annual capacity of 20,000 metric tons, the ministry said.
Handan Iron &amp; Steel Group, a unit of Hebei Steel, should close three steel converters, which have combined annual capacity of 900,000 tons, the ministry said. Chengde Xinxin Vanadium and Titanium Co. and Xuanhua Iron &amp; Steel Co., two other units of Hebei Steel, should shut furnaces with a combined capacity of 700,000 tons, it said.
Wuhan Iron &amp; Steel Group's Kunming Iron &amp; Steel Co., Baosteel Group Corp.'s Guangdong Shaoguan Iron &amp; Steel Group, Chongqing Iron &amp; Steel (Group) Co. and Xinyu Iron &amp; Steel Co. were also among the steelmakers in the ministry's list.
Yunnan Copper Industry Co., Yunnan Chihong Zinc &amp; Germanium Co. and Shanxi Guanlu Co. were also asked to shut metal smelting capacities.
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NPI Reference Price in China (2010-8-9)

Chalco, Hebei Steel, Mills Must Shut Old Plants, China Says  | Shanghai Non ferrous Metals

Chalco, Hebei Steel, Mills Must Shut Old Plants, China Says

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