Asia's Largest Aluminum Producer Launches Projects in S. China

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Last updated at: (Beijing Time) Monday, July 14, 2003

Asia's Largest Aluminum Producer Launches Projects in S. China

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Asia's largest aluminum extruder Asia Aluminum Holdings Ltd. announced Sunday a major investment to establish the "Asia Aluminum Industrial City" in the high-tech development zone of Zhaoqing City, Guangdong Province in south China.

The Hong Kong-based group also announced another agreement to participate in a 3 billion HK dollar (384.62 million US dollar) project for the production of aluminum panels and plates, the first facility to be established in the industrial city.

Both plans were unveiled here Sunday in the presence of Deng Yaohua, mayor of Zhaoqing City and Kwong Wui Chun, chairman of Asia Aluminum Holdings.

According to the agreement, the government of Zhaoqing will grant 6.6 square kilometers of land in the high-tech zone to Asia Aluminum Holdings to develop the aluminum projects. The aluminum panel plant will be funded by about 40 percent in the form of registered capital and about 60 percent by project financing.

It is expected that the plant will become operational in 2005, with full capacity reaching 400,000 tons in 2007.

Zhaoqing's Mayor Deng Yaohua said that the new plant will serveas the city's vehicle to tap into the vast potential of the under-served domestic requirements for aluminum panels, which are now served mostly by imports.

The planned project is principally engaged in the manufacturingof high-grade aluminum panels and plates, which are applied mainlyin aluminum can manufacturing, automobile, construction, printing and aerospace industries.

"Although China commands certain domestic production capacity for aluminum panels and plates, it is heavily reliant on imports for the supply of premium flat rolled products. We aim to exploit this market opportunity with output from our new plant. The panel/plate project is the first facility in the industrial city. We have reserved sufficient space there to phase in the establishmentof other manufacturing and processing facilities in the future," said Kwong, chairman of Asia Aluminum Holdings.

Demand for aluminum products in China is expected to shift gradually from the property sector to infrastructure construction and industrial consumption, fuelled by the country's improving economy and such world events as the 2008 Beijing Olympics and 2010 World Expo in Shanghai.

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