Hongchuang Aluminum to raise funds for Hongcheng Aluminum
2019-03-26 17:35:15 [Print]
Shandong Hongchuang Aluminum Industry Holding Company Limited announced on 22 March that it plans to raise money of RMB150 million for Zouping Hongcheng Aluminum Technology Co., Ltd. as liquidity. Hongcheng Aluminum's registered capital would rise from RMB300 million to RMB450 million after the capital increase.
Hongcheng Aluminum put its 150,000tpy aluminum strip casting project into production in December 2018 and could achieve self-sufficiency of raw material now. The project saved cost of aluminum remelting for the company.
Hongchuang Aluminum noted that the purpose of the fund raise is to help Hongcheng Aluminum to reach full capacity and save production cost through upstream and downstream coordination.
Hongcheng Aluminum put its 150,000tpy aluminum strip casting project into production in December 2018 and could achieve self-sufficiency of raw material now. The project saved cost of aluminum remelting for the company.
Hongchuang Aluminum noted that the purpose of the fund raise is to help Hongcheng Aluminum to reach full capacity and save production cost through upstream and downstream coordination.
Aluminum Scrap Zorba 98-1 CIF China
Unit:USD/mt
China aluminum bar producers' inventory to production ratio statistics by province by month
Unit: %
