Chalco says it will cut output due to weak prices

Reuters

China's top aluminum maker, Aluminum Corp. of China Ltd., known as Chalco, said yesterday it may have to cut output because of weak prices, signalling that other Chinese producers might follow suit. Chalco, the world's third-biggest producer of alumina, may shut down some high-cost aluminum capacity due to low prices, its investor relations manager said yesterday. But Zhang Qing said Chalco would still try to make up the volume by running full capacity at its low-cost aluminum operations. "We are going to fine-tune operations to cut losses," Ms. Zhang said. Chalco maintained its output target of 3.5 million tonnes this year. 2600 (Hong Kong) fell .36 to $3.29 Hong Kong dollars (50 cents).