Repeats story revealed late on Wednesday, with no change to textual content
Repeats story revealed late on Wednesday, with no change to textual content
BEIJING, Feb 26 (Reuters) – China Zhongwang Holdings 1333.HK, one of many world’s largest producers of aluminium extrusions, mentioned on Wednesday it could promote its smelting operations for 4.6 billion yuan ($655.94 million) as excessive energy prices make the enterprise unprofitable.
Aluminium extrusions are merchandise constituted of major steel which might be extensively used within the transport, development and electronics industries.
Zhongwang has agreed to promote its 100% stake in Zhongwang Aluminium Materials, the unit that holds its 800,000 tonnes per yr of major aluminium smelting capability in China’s northeastern Liaoning province, to Henan-based Yidian Luoyang, in response to a submitting to the Hong Kong inventory change.
“As a result of excessive manufacturing prices together with prices of electrical energy, the electrolytic aluminium enterprise has been loss-making in recent times,” Zhongwang mentioned in an announcement, noting that the unit had recorded web losses in…