Shandong Government Orders 3.21 Million MTPA in Aluminium Capacity Shuttered
Another bite has been taken out of the People’s Republic of China’s aluminium capacity this week, as the government of...
China Hongqiao Group Ltd.
CITIC Throws Hongqiao a US$1.02 Billion Lifeline
The world’s biggest aluminium company is soon to receive a US$1.02 billion shot in the arm from the People’s Republic of China’s state-owned investment company. According to an article in the South China Morning Post, China Hongqiao Group has agreed to sell...
China Hongqiao Cuts Obsolete Aluminium Capacity By 2 Million MTPA
China Hongqiao Group Limited announced plans yesterday to cut two million metric tons per annum of outdated aluminium capacity. However,...
Hongqiao Appoints Third Audit Firm for 2016 Financials
The next chapter in the ongoing saga surrounding China Hongqiao Group’s yet-to-be-released 2016 financials was revealed yesterday in the form...
Events
Hongqiao Insiders Say Cuts Totaling a Quarter Million MTPA of Aluminium-Smelting Capacity In the Works
According to sources with knowledge of the situation, China Hongqiao Group began curtailing outdated aluminium capacity on Tuesday, coinciding with an announced crackdown by the government of the People’s Republic of China on illicit aluminium smelting capacity. Although the company demurred when asked for details, sources who spoke to Bloomberg on Tuesday said that Hongqiao […]
Hongqiao Must Address Audit Findings, Short Seller Allegations to Resume Trading: HKEX
China Hongqiao Group announced yesterday the receipt of a letter detailing the conditions under which it may be allowed to resume trading on the Hong Kong Stock Exchange. The world’s largest aluminium company published a notice telling investors that the company was advised that it may resume offering shares on the HKEX if the following […]
Ernst & Young Quits as Hongqiao’s Auditor
The world’s largest aluminium producer hit yet another speed bump on the road to releasing 2016’s financials after its independent auditor resigned late last week. China Hongqiao Group made the announcement on Friday in conformance with the Hong Kong Stock Exchange’s rules. According to Hongqiao, its now-former auditor Ernst & Young recommended that an independent investigation be […]
Hongqiao Files Defamation Lawsuit Against Short Seller Emerson
Embattled Chinese aluminium firm China Hongqiao Group opened a new front in the war against short-seller Emerson Analytics this week when it began a defamation action against the firm in Hong Kong’s High Court. According to a report by Bloomberg, Hongqiao is pursuing an order from the court enjoining Emerson from publishing another report on […]
Massive Debt Forces Chinese Firm to Idle Smelter, Refinery in Shandong
According to Aladdiny, a Chinese information provider, Shandong Qixing Group Co., Ltd. suspended operations of its 130-thousand-metric-ton-per-annum aluminium smelter and is planning to stop production at its 500-thousand-metric-ton-per-annum alumina refinery due to the firm’s substantial debt burden. The report went on to say that the company might consider re-starting production in six months should the […]
Biden Infrastructure Bill A Big Boon To Aluminium Industry: Norsk Hydro VP Mike Stier
Earlier this month the United States Congress passed into law President Joe Biden’s US$1.2 trillion infrastructure package. The Investing in a New Vision for the Environment and Surface Transportation in America Act (or the INVEST in America Act) will allocate US$550 billion ...
The Net-Zero Shift Starts With Low Carbon Aluminium
2020 was supposed to be “year of climate action”, with the Glasgow COP26 acting as a major milestone for both ...
Aluminium at the LME Week – Key Takeaways
Between October 28 and November 1st, London hosted the traditional London Metals Exchange (LME) Week gathering of analysts, brokers, traders ...
Aluminium Market Oversupplied, Demand Growth Flat
Base metals prices reacted positively to the progress registered in the latest round of US – China trade talks in ...
