CITIC Resources Expected Aluminum Reduction Plan May Stop in the Midyear

(China Aluminum Network) It is reported Zeng Chen the vice-chairman and president of CITIC Resources stated with the recovery of aluminum industry the group’s 15% reduction plan may remove in the midyear, expected the profits and cash flow contained positive affect. He said global aluminum demand increased continuously, and electrolytic aluminium production cost was also unlikely to drop, may support aluminum price.

He pointed out the group has no intention of making further investment in electrolytic aluminium, will pay more attention on upstream assets, such as together with parent company CITIC Group hold 13% shares of Australia ALUMINA in common. He said the industry was shifting to upstream, and belive this investment was helpful to the group’s import and export commodity business.

He said besides internal growth the group will also explore good potential acquisition projects seeking and choosing objects widely and carefully.

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