Alcoa Closed Warrick Aluminium Factory
A public notice on the evening of December 18, chinalco, according to the proposed for the conversion of the subsidiary, shandong branch will shandong branch as of September 30, 2014, assessment of all their assets net of liabilities as set up a wholly owned subsidiary of shandong, shandong company registered capital of RMB 2.5 billion. Subsidiary tentative name for “chalco shandong co., LTD.” (the name of the final approval by the company registration authority shall prevail).
At the same time, the company will also for chinalco ningxia energy group co., LTD. (hereinafter referred to as “chinalco ning”) belongs to four silicon industry subsidiary of publicly listed for sale at the property rights exchange, these four companies are respectively in ningxia ning electric silicon industry co., LTD., ningxia ning electric photovoltaic material co., LTD., ningxia ning electric silicon material co., LTD and ningxia silver star polysilicon co., LTD. At present, the equity chinalco ning can hold these four subsidiaries of the net asset value is negative, to – 930 million yuan.
Announcement shows that the stake be bundled together for sale, for sale price is not lower than the target equity assessment value (evaluation value is negative, for sale for 1 yuan price).
At this point, the distance from chinalco announced acquisition of chinalco ning can only in the past two years.
In January last year, chinalco has a capital increase agreement signed with ningxia power generation group and its shareholders, which will increase the registered capital of 1.453 billion yuan, chinalco by fractional total acquisition will hold a 70.82% stake in ningxia power generation group. On February 3, ningxia power generation group limited liability company officially changed its name to chinalco ningxia energy group co., LTD.
Chinalco’s former chairman, Mr Xiong said that after entering the chinalco, ningxia power generation group chinalco’s industrial structure will be more reasonable, that time, chinalco has nine big industry sector, like “coal aluminum project should both comply with the advantages of ningxia power generation group, and conforms to the advantage of chinalco, also meet the needs of the ningxia hui autonomous region to invest in evalution poverty alleviation”.
Two years later, Mr Xiong for job changes are no longer as chinalco President of the company, at present the company’s baton to the original bill of chengdu jettisoned. But before the new owners, not only is the aluminium market continues to weaken, and the company’s performance not see obvious improvement.
Chinalco’s results showed that 1 to September this year the company operating income fell 14.15% year-on-year to 104.8 billion yuan, belong to shareholders of listed company’s net profit losses increase, the current loss of 5.4 billion yuan, and in the same period of last year’s losses to $18.
In the past few years, chinalco in the hands of a former head of the fast-growing, the goal is to become a containing aluminum, copper, rare earth metal of a world-class mining company, at present, the company in Peru copper project has been put into production, and through continuous, also from the ministry of the rare earth group integration “licence”, but is the inevitable results of the company: in 2012, chinalco’s chinalco losses of 8.23 billion yuan, until the following year, the Chinese aluminum industry by means of capital operation to realize the turnround, if the time longer, chinalco cumulative loss over the past five years has more than ten billion yuan.
How to get rid of the performance instability, aggravating the situation of loss, but not before Ren Xiong d flat has been done, and GeGongLin to think.
“First financial daily” reporter noticed that the traded four subsidiaries, the main business of all around silicon or silicon products research and development, production and sales, the product contains a high purity silicon, polycrystalline silicon, monocrystalline silicon, etc.
Photovoltaic industry rapid development in our country since 2006, many enterprise project horse, eventually trigger a cold wave of industry from 2012 to 2013, in the past few years, the photovoltaic industry downturn, loss, collapse into those early years aggressively enter the photovoltaic industry enterprises fate, until the country after a series of policies, photovoltaic industry began to enter the explosive growth stage, the main businesses are starting to turnround, operating conditions to improve.
Aluminum corporation of China made the move, it is under the turnround campaign, carding and contraction of its business, including photovoltaic industry investment. “If you put up for sale not finished in the limited time, chinalco ning can intends to perform the liquidation or dissolution of the above four subsidiaries, filed for bankruptcy.” International and domestic silicon industry, the company said the objective factors, such as the market downturn, the company will adjust the industrial structure, revitalize the stock of assets.
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