Shandong Government Orders Metal Company to Shut Down Five Electrolytic Aluminum Projects
(Yicai Global) Aug. 14 -- Shandong Weiqiao Aluminum and Power Co. said that it has shut down five electrolytic aluminum projects with a combined capacity of 2.68 million tons over construction violations. Their construction had been completed and they were set to be put into operation soon.>
In its recent move to clamp down on illegal electrolytic aluminum projects, the Shandong provincial government ordered the company to close the five facilities, which were backed and built by Shandong Hongqiao New Material Co.'s only shareholder, before the end of July, citing construction violations and excessive coal consumption, Shandong Weiqiao Aluminum said in a statement sued on the Shanghai Stock Exchange's bond market.
The group's other active electrolytic aluminum projects, with a total capacity of 6.46 million tons, have gone through filing procedures as required and will not be affected, the firm said.