SHANGHAI, Aug. 10 (SMM) – Weiqiao Pioneering Group was ordered to shut down 2.68 million tonnes of illegal aluminum capacity before the end of July 2017. Why did the giant private company take brunt from the country’s efforts to reduce excess outdated capacity while state-owned Chalco is unaffected?
Breaking News: Weiqiao Group and Xinfa Group Ordered to Close Illegal Aluminum Capacity
China Hongqiao Group, which is subordinated to Weiqiao Pioneering Group, was much higher than its Chinese competitors in 2016 in terms of either net profit or aluminum capacity.
Why are low-cost aluminum capacities required to be closed? All the capacities closed by Weiqiao were outdated ones?
The truth is shocking!
According to Cao Shanshi, a famous reporter, capacities closed by Weiqiao are basically 600 KA electrolytic cells, which are its self-developed globally advanced capacity rather than outdated capacity.
When Weiqiao put 600 KA electrolytic cells into operations two years ago, General of the China Non-Ferrous Metals Industry Association (CNIA), said this was of great guidance for transformation and upgrading of Chinese aluminum industry.
By contrast, Chalco, who is stung by high costs and did not reverse losses until this year, is unaffected.
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