Chinese state-backed firm Aluminum Corp of China (Chalco) indicated that its net profit in Q1 2021 was the highest in five years, on the back of soaring aluminum terminal prices.
According to media reports, the company produced 970,00mt of aluminum, up by 2.1pc from the same period last year. Chalco noted that its sale prices increased by 20.4pc as both the SHFE and LME shot up over the quarter. Alumina production also increased by 14.6pc annually to 4.09mn mt in Q1.
The company has already started working on lowering its carbon footprint by switching to solar and wind energy, unlike commonly used hydropower in the aluminum industry.
In Q1 2021, Chalco posted a net profit of CNY966mn ($149mn) which was 30-fold higher than CNY30.9mn in Q1 2020. The company attributed this significant growth to strengthening terminal market prices, which have hit 11-year highs today.