Beijing is lining up shuffle of state assets that will create the world’s biggest aluminium producer and allow a third nuclear group to challenge the country’s duopoly, say people in the industry familiar with the plans.
Under the deal, newly formed State Power Investment Corp will hive off its struggling aluminium smelters, leaving it to channel its money and energy into developing a Chinese-designed nuclear reactor, a national priority.
The move will vault world number three Aluminum Corp of China, or Chinalco, above Russia’s Rusal and number two Alcoa of the US to become the world’s largest aluminium producer by capacity. Taking on the divested smelters, Chinalco will add 2.7m tonnes of annual smelting capacity to its present 3.8m tonnes.
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