The Aluminium Corporation of China (Chalco) recorded losses of RMB975 million for Q1 2013 and attributes its performance to stunted economic growth, over capacity and falling prices.
Last year, the company reported deficits of RMB8.2 billion.
Other Chinese aluminium producers offered similarly disappointing Q1 figures.
Yunnan Aluminium posted losses of RMB74.5 million against deficits last year of RMB23.8 million.
Zhongfu Industrial reported losses of RMB115.4 million.
Henan Shenhuo’s profits were down 68% at RMB89.7 million.
Jiaozuo Wanfang offered net profits of RMB71 million, up by 160.11% year-on-year. The company did receive a RMB51.36 million government subsidy.
China had a 27Mt/year aluminium production capacity at the end of 2012, but only produced 20.3Mt, meaning that output was running at 75.2%.
By the end of 2013, it is estimated that China’s aluminium smelting capacity will reach 30Mt.
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