English > Industry&Companies > Industry-Breaking News>China Issues Non-Ferrous Metals Industry Stimulus Plan
China Issues Non-Ferrous Metals Industry Stimulus Plan
05-11 18:02 Caijing
Full article in Chinese: http://www.caijing.com.cn/2009-05-11/110163775.html
» China's State Council said it will eliminate outdated smelting capacity, increase the domestic supply quota and push for consolidation under a new metals industry stimulus plan, which was released in draft form in February.
» The central government will cut 300,000 tons of copper smelting capacity, 600,000 tons of lead and 400,000 tons of zinc this year, while a total of 800,000 tons of alumina capacity will be removed by the end of 2010.
» The government also plans to consolidate the industry into three to five metals companies through mergers and acquisitions by 2011.
» China will raise the domestic supply ratio for copper to 40 percent, aluminum to 56 percent and nickel to 38 percent by 2011, the State Council said.
» The government will also support Chinese companies seeking metal resources overseas as part of efforts to meet rising domestic demand.
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