Home > News > Others

Vimetco cuts aluminium output by extra 15,000 tpa

Thursday, Nov 13, 2008
点击:
LONDON, Nov 12 (Reuters) - Dutch aluminium producer Vimetco said on Wednesday that it will cut its production in China by a further 15,000 tonnes, in addition to the 80,000 tonnes announced in October. The company also said it may cut production in Romania by as much as 65,000 tonnes a year in 2009, resulting in the group's total output being reduced by 160,000 tonnes to about 515,000. In response to the fall in its share price in the last weeks, Vimetco said in a statement that its outlook remains unchanged. Vimetco's shares have fallen 75 percent since the close on Oct. 23 and were trading at 35 U.S. cents at 0936 GMT. "Vimetco confirms that, although it has not remained unaffected by the recent financial crisis and slow down in the global economy, its funding profile remains sound and operational prospects are expected to remain stable," it said. Vimetco said it remains confident that the aluminium price will recover during 2009. "While we expect some fall-out of higher cost producers, Vimetco should be better positioned to cope in these conditions due to greater efficiency, the integrated nature of operations and lower cost facilities than most existing aluminium operations in China," the company said. Falling metal prices have forced a number of aluminium producers to cut output, reduce spending and put future projects on hold. U.S. aluminium giant Alcoa Inc said on Tuesday that it had slashed a further 350,000 tonnes of aluminium-making capacity worldwide. The cuts trail the 720,000 tonnes cutback by China's largest producer, Aluminum Corp of China (Chalco), announced last month. Three-month aluminium prices on the London Metal Exchange rose to a record $3,380 a tonne in July but have since dropped more than 40 percent.

Recommended exhibitions

16TH ARAB INTERNATIONAL ALUMINIUM CONFERENCE
  ARABAL, which is being organized and hosted by Qatalum, is the premier trade event for the Middle East's aluminium i......
Aluminium 2012
  ALUMINIUM is the leading B2B platform in the world for the aluminium industry and its main applications. This is whe......
The 4th edition of Zak Aluminum Extrusions Expo
 Date

  14th - 16th December 2012

  Venue

  Pragati Maidan,

  New Delhi,India.

  Exhibition Timings

 ......
ALUMINIUM DUBAI 2011
Name:ALUMINIUM DUBAI 2011
Time:2011-5-9 to 2011-5-11
Place:Dubai International Convention & Exhibition Centre, Dubai, UAE......