Chalco Cuts Capital Spending HOT STOCKS

Aluminum Corp. of China, or Chalco, the top Chinese aluminum producer, said Tuesday that it would cut capital spending by at least 20 percent in 2009 amid weak demand for the metal, according to analysts who participated in a conference call.

China is expected to shut another 1 million tons of aluminum capacity in the fourth quarter if the market situation continues to deteriorate, one analyst quoted Chalco's chief financial officer, Chen Jihua, as saying. But the company did not plan to shut more aluminum capacity this year after it temporarily reduced output by 720,000 tons earlier this month, Chen told the analyst conference.

The company had targeted spending 20 billion yuan in capital investment in 2008. It will scale down the spending by at least 20 percent next year, Chen told analysts.

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