Profits in China's non-ferrous metal sector fall in 2009 despite rising output

Profits in China's non-ferrous metal industry declined in 2009 despite rising output due to low prices, according to statistics from the Ministry of Industry and Information Technology (MIIT).

Output of 10 kinds of non-ferrous metals, including copper, alumina, zinc and lead, increased 5.8 percent in the country from a year earlier to 26.81 million tonnes last year.

However, combined profit of 70 major enterprises in the sector totaled 17.6 billion yuan (2.58 billion U.S. dollars), down 1.46 percent year on year, the MIIT said.

Although the industry maintained a good development momentum in 2009, many challenges remained, including the problems of excess capacity and outdated production capacity.

The MIIT would focus more on speeding up the elimination of backward production capacities in the industry this year and checking an excessive growth in expansion of non-ferrous metal smelting capacities.

Source:Xinhua