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Huasheng Aluminium constructs 50,000-ton aluminium extrusion line |
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Hubei-based medium-sized aluminium smelter, Press Metal Huasheng Aluminium Industry Co. Ltd. (Huasheng Aluminium), previously known as Huasheng Aluminium and Electric Co. Ltd., recently commenced construction of its 50,000-ton aluminium extrusion line, a company official told Interfax today.
With the aluminium extrusion line, Huasheng Aluminium aims to make full use of its aluminium output, and to expand its presence in the high value-added aluminium product manufacturing industry, an official with the general affairs office of the company, surnamed Liu, said.
The aluminium extrusion line, with a fixed-asset investment of RMB 350 million ($45.28 million), started construction on March 31. Huasheng Aluminium plans to commence production by the end of this year.
Huasheng Aluminium and Electric Co. Ltd., formerly a wholly state-owned aluminium smelter, was taken over by Malaysia's leading aluminium extrusion manufacturer Press Metal Berhad (Press Metal) last November for RMB 360 million ($46.58 million).
The joint venture, Press Metal Huasheng Aluminium Industry Co. Ltd., is co-held by Press Metal and Qianjiang City's Qiansheng State-owned Enterprise. Press Metal holds a 90 percent stake in the joint venture, according to an announcement released on March 5.
Prior to the takeover, the smelter had been losing money for more than a year due to high raw material costs and fund shortages.
"The 50,000-ton aluminium extrusion line was one of the projects on Press Metal's agenda to work on after the takeover," Liu added.
Currently, Huasheng Aluminium has an aluminium capacity of 50,000 tons per annum, and Press Metal plans to boost the annual aluminium capacity to 100,000 tons in the future.
The company does not have its own alumina smelting plant and mainly purchases material from Chinalco, the largest aluminium producer in China.
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