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China Sets Up World's Third Largest Alumina Provider
China's six largest alumina manufacturers were combined to establish a State-run Aluminum Corporation of China (Chinalco) Friday February23, with total assets of 35.6 billion yuan (4.3 billion US dollars).
The integrated aluminum giant, also involving some research institutes and construction firms in China, has thus become the third largest alumina producer in the world, following the US-based Alcoa Inc and the Alcan Aluminum Ltd. in Canada, China Daily reported Saturday.
The new coalition is expected to supply 70 percent of the domestic market's alumina and 23 percent of its aluminum. And therest 30 percent of alumina production, or some 1.9 million tons of market demand, will be imported.
Insiders revealed that the corporation will stage a dual listing on stock markets in Hong Kong and New York in mid-2001. The firm's next step is to set up a shareholding company for overseas flotation in the coming months.
Chinalco plans to produce 4.3 million tons of alumina and 680,000 tons of aluminium this year, with 2.4 billion yuan (289 million US dollars) in profits.
The company may help to curb the redundant construction of small and inefficient aluminium manufactures by controlling alumina resources, said Guo Shengkun, president of Chinalco.
The aluminum giant is of great importance in optimizing resources in the sector and withstanding the international competition.
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