It is reported that China Zhongwang Holdings Limited one of the biggest aluminum and vinyl profile production enterprises in China will post a 25%YoY decline in its 2010 net profit. The fall is attributed to anti-dumping measures taken by the US.
According to an unnamed executive, Zhongwang Holdings generated a net profit of approximately CNY 2.7 billion last year compared to CNY 3.5 billion in 2009.
The company plans to transform and focus on expansion of overseas markets, excluding the US while grabbing market share in the markets for high-speed railways, airlines and electricity. Public information indicates that Zhongwang Holding will focus on expanding production of industrial aluminum profiles while retreating from its original business of aluminum profiles used in construction.
The US government levied a 137.65% anti-subsidy tax on three Chinese enterprises in September last year and another 59.31% anti-dumping tax in October. At present, Zhongwang Holdings has stopped selling to the US.
（Sourced from nbd.com.cn）
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