The U.S. and the EU have both launched World Trade Organization complaints against China on the grounds that Beijing unfairly helps domestic makers of steel and aluminum, by blocking overseas exports of raw materials.
Despite the recent recovery in LME aluminum prices; demand for the stainless steel component remains in the dumps. Without any idea of when demand may stage a comeback, aluminum miners are bracing for more tough times.
Kaiser Aluminum Corp. declared that it will temporarily close its Bellwood, Virginia, plant during July because of planned shutdowns in the automotive industry and weak economic and market conditions. For full story, click here
The Norwegian aluminum group Norsk Hydro ASA declared a net loss of $42 million that was down from a net profit of 1.086 billion kroner a year earlier as it was stung by low prices and the deepening global economic slump. For full story, click here
Chinalco’s listed subsidiary Chalco, China’s leading aluminum producer, has reported a 99.9-per cent jumped in net profit for 2008 – 10 times more than expected and warned that the first-quarter profit would plummet by almost 100 per cent due to the global economic meltdown. For full story, click here
It is reported that China’s Henan province will buy 500,000 metric tons of aluminum for its provincial reserve to help local smelters weather the economic downturn. Mr Li Ke Henan Vice Governor stated: Henan government will implement various measures to strengthen its support for enterprises in difficulty, and the aluminum industry is among the most [...]
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