The hottest aluminum industry weakens Rio Tinto wa

2022-07-28
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Aluminum industry weakens Rio Tinto wants to withdraw from its business in Australia on a large scale

at present, the aluminum industry is weak in the global market. In order to increase profits, Rio Tinto plans to carry out a "major operation" on its aluminum mining division, Rio Tinto aluminum Canada

in 2007, Rio Tinto, a mining giant, spent US $38billion to buy Alcan and expanded it on a large scale. However, the acquisition has always been considered by the industry as a mistake

according to Australia, Rio Tinto's "scalpel" will mainly focus on the Australian Department of Rio Tinto's aluminum processing, including the large-scale withdrawal of the aluminum ore smelting business that consumes energy in Australia and the sale of gove aluminum ore in Northern Territory into the working state refinery. Rio Tinto's plan to sell smelters and refineries in Australia and New Zealand is likely to pose a threat to the work of 6000 workers if buyers cut costs to ensure high returns

although the Gillard government's carbon tax plan has not yet come into effect, the industry has complained about it, claiming that the carbon tax will cause heavy damage to the aluminum mining sector

jacythecote, CEO of Rio Tinto Alcan, clarified recently in Suzhou, China that the company's plan to sell Australian assets has nothing to do with carbon tax. "The sale plan is not limited to Australia, it is a global plan." She pointed out that the assets that Rio Tinto Alcan plans to sell include six countries - Australia, the United States, France, Germany, the United Kingdom and New Zealand. All 13 assets to be sold account for about 1/3 of Rio Tinto Alcan's total output, but their proportion is much smaller in terms of profits - although Rio Tinto Alcan's own profits are not very good

due to the weakness of the global financial market, Rio Tinto still has no decision on the way and timing of asset sale. Analysts pointed out that Chinese buyers, including Chinalco, Rio Tinto's largest shareholder, are likely to sell olive branches to Gove, while metal traders, such as Glencore, may be interested in smelting business assets in China's wood pulp import structure

for a long time, Rio Tinto has always hoped to increase the profit margin of aluminum mining business to 40%, that is, to reach the level of first-class business, but it has never been successful. In recent years, the performance of Rio Tinto Alcan has seen a sharp drop in the defect rate

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