Chinalco will reduce its salary by 30% to prevent industrial chain crisis. State-owned enterprises cannot easily lay off employees.

Chinalco will reduce its salary by 30% to prevent industrial chain crisis. State-owned enterprises cannot easily lay off employees.

Jia Xing, vice president and secretary general of China Nonferrous Metals Industry Association, told this reporter that due to the rising cost of raw materials and energy, the production cost of electrolytic aluminum in China has been higher than the market price, and enterprises are losing money day by day.

The situation of international aluminum giants is also not ideal. Recently, AlcoaInc and Rusal both announced plans to reduce production and lay off employees. Rusal pointed out that in the first half of 20 1 12, the global aluminum production capacity will be further reduced by 6% to 8%, because the aluminum price fell at the end of 20 1 and some smelters were partially or completely closed.

Although China Aluminum, the largest aluminum enterprise in China, has not announced the production reduction plan, not long ago, China Aluminum predicted in its annual financial report that it would continue to lose money in the first quarter of 201/kloc-0.

Because state-owned enterprises can't easily lay off employees, Chinalco has taken a pay cut to deal with the deterioration of the business environment. Our reporter learned from China Aluminum that compared with the salary level of 20 12, the overall salary reduction of China Aluminum Company 20 1 1 reached 30%.

This is not a profound crisis. Wen Lijun, vice president of China Nonferrous Metals Industry Association, told this reporter that most industries are concerned about the rising cost of aluminum industry. I think we should also pay attention to the supply of aluminum raw materials and be prepared for prevention? .

According to our reporter, at present, the proportion of bauxite imports in China has reached 60%, and most of them come from Indonesia and Australia, and the import channel is single.

Chinalco reduces salary by 30%

In the crisis, subject to the requirements of the system, China's state-owned enterprises generally adopt? Pay cuts and no layoffs? It means cutting expenses.

Following the salary reduction of 20 12, China Aluminum Company reduced its salary by 30% again. According to the 20 1 1 annual report of China aluminum, the salary payable by China aluminum was about 466 million yuan in 201year, which was nearly 30% lower than the salary level of 636 million yuan in 201year.

Although there is no policy of compulsory layoffs, compared with 20 12, the total number of employees in China Aluminum Company decreased by 6,997, to 10 1259. Most of the laid-off employees are production workers, followed by management personnel, with a total reduction of 1.400 people.

Chinalco told this reporter that the reason for layoffs is that Chinalco has implemented institutional reforms, and some branches and subsidiaries have implemented internal retirement plans to allow eligible employees to retire voluntarily.

The loss of aluminum industry is the direct reason for Chinalco's salary reduction and layoffs. 20 1 1 The net profit attributable to shareholders of China Aluminum's parent company was 238 million yuan, which was significantly lower than the profit of 778 million yuan in the same period of last year.

In addition, the sales cost, sales expenses and management expenses of China Aluminum Industry have increased to varying degrees. Among them, the financial expenses increased by 846 million yuan or 33.36% compared with 20 12.

China Aluminum explained that the main reasons for the sharp decline in net profit were the continuous interest rate increase by the national macro-control, the increase in financial expenses caused by the increase in the scale of the company's interest-bearing liabilities, and the decrease in gross profit margin of the company's leading products caused by the increase in raw fuel prices.

Chinalco blamed the decline in performance on rising electricity costs and falling aluminum prices. Jia Mingxing said that this is also the pressure faced by the entire aluminum industry. At present, the aluminum price has fallen below the cost line of10.6 million yuan/ton.

This means that in the first quarter of this year, the losses in the aluminum industry will intensify. A person in charge of North China Aluminum told this reporter that if we are not optimistic about the aluminum market, the losses will increase.

Solve industry consolidation.

The rising electricity price is an unavoidable cost constraint for electrolytic aluminum in China. At present, domestic enterprises account for 45-50% of the cost of electrolytic aluminum, while foreign enterprises only account for 25-30%, which makes the cost of electrolytic aluminum in China much higher than that of foreign countries, and the international competitiveness of electrolytic aluminum industry in China has obviously declined.

In this context, industry consolidation has become a new trend of domestic aluminum industry. At present, domestic aluminum enterprises are accelerating to explore the production mode of integration of upstream energy and downstream production. The common methods are integration of coal, electricity and aluminum, and integration of hydropower and aluminum.

Xiong Weiping, general manager of Chinalco, said in an interview with this reporter that the aluminum industry may remain depressed for 3-5 years. If a complete industrial chain of coal, electricity, aluminum and hydropower aluminum can be formed, Chinalco's electrolytic aluminum is still competitive.

At present, domestic powerful aluminum enterprises have begun to integrate the industrial chain. According to our reporter from the industry, this year, Chinalco is accelerating the progress of coal, electricity and aluminum integration negotiations in Inner Mongolia, Gansu, Xinjiang and Ningxia.

In mid-March, China Aluminum Co., Ltd. and Jiaozuo Wanfang [14.040.72% shares] Aluminum Co., Ltd. increased their capital by 2.848 billion yuan to build a coal, electricity and aluminum integration project in Shanshan, Xinjiang. In this capital increase project, Jiaozuo Wanfang invested RMB 654,38+0,065,438+0.4 billion, holding 35% equity of Xinjiang Aluminum Power; China Aluminum [7.05-2.49% Share Bar Research Report] invested 65.438+83.4 million yuan, holding 65% equity of Xinjiang Aluminum Power.

Chinalco is also restructuring Ningxia Power Generation Group. After the reorganization, Chinalco will undertake coal, electricity, new energy, new materials, equipment manufacturing and other projects currently under the responsibility of Ningxia Power Generation Group, and develop and construct coal, electricity and aluminum integration projects.

In addition to Chinalco, other powerful domestic aluminum enterprises, such as Yunnan Aluminum, nanshan aluminum and China Power Investment Corporation, are also accelerating the integration of coal-fired aluminum or hydropower aluminum.

Repeat the mistakes of iron ore

When the domestic aluminum industry focuses on reducing energy costs, the literary army calls for shifting some attention from the upstream raw material supply.

According to our reporter, Chinalco covers more than 90% of domestic bauxite resources, but its alumina production capacity currently accounts for only 30% of the total domestic alumina production capacity, which means that most of the raw materials needed for the remaining 70% alumina production capacity depend on imports.

However, the output growth rate of Chinalco bauxite lags behind that of alumina. According to the statistics of Chinalco, in 20 1 1 year, the bauxite output of Chinalco's own mines13.56 million tons, up 6.5% year-on-year, and the alumina output increased 8.7% year-on-year.

A person in charge of Chinalco Shanxi Aluminum told this reporter that at present, 60% of domestic bauxite relies on imports, and the import range is still increasing. In addition, the import channel is single, which is a fear? Iron ore is second? .

According to customs data, in February this year, China's bauxite imports totaled 4,665,900 tons, a year-on-year increase of 1 12.26%. From June 5438 to February this year, the total import volume of bauxite was 77810.6 million tons, up 510.8% year-on-year.

Among them, the main sources of bauxite imports in China are Indonesian and Australian. In February, China imported 3,807,600 tons of bauxite from Indonesia, up by 160.92% year on year, and imported 809,600 tons of bauxite from Australia, up by 4 1.04% year on year.

There is basically no hope for China to reduce its dependence on bauxite imports. According to the statistics of China Mineral Resources Report 20 1 1 issued by the Ministry of Land and Resources, in 20 12 years, China's bauxite reserves were 3.75 billion tons, but the static guarantee period was only ten years.

However, the Literature Army believes that bauxite is unlikely to become the next iron ore, because the aluminum industry has great room for recycling natural resources, such as accelerating the industrialization of extracting alumina from fly ash and nepheline. ;