DALLAS, Texas 3/6/2009 1:27:13 AM
News / Finance

Technical Trade Alerts on Aluminum Stocks: ACH, AA, CENX, KALU, PKX, TG

Beacon Equity Research announces the release of Trade Alerts covering aluminum stocks:  Aluminum Corp. of China Ltd. (NYSE: ACH), Alcoa Inc. (NYSE: AA), Century Aluminum Co. (Nasdaq: CENX), Kaiser Aluminum Corp. (Nasdaq: KALU), POSCO (NYSE: PKX) and Tredegar Corp. (NYSE: TG).

 

In the Trade Alert, the author highlights Aluminum Corp.’s joint venture agreement with Shanxi Guanlv Co. Ltd.:

 

Aluminum Corp. of China Ltd. (ACH) shares dropped 7.21% to $12.35 in today’s mid-day trading. Aluminum Corp. and its subsidiaries engage in bauxite mining, alumina refining and aluminum smelting businesses in the People's Republic of China. The company entered into a joint venture agreement with Shanxi Guanlv Co. Ltd. to establish a joint venture company, Shanxi Huasheng Aluminum Company Ltd. … Aluminum Corp. also entered into an agreement with Baiyin Nonferrous Metal Co. Ltd. and Baiyin Ibis Aluminum Co. Ltd.  The joint venture company would have a designed annual production capacity of 127,000 tones of primary aluminum.  Baiyin Nonferrous contributed 127,000 tones of primary aluminum smelting and supporting facilities owned by Baiyin Ibis as capital contribution and held a 49% equity interest in Gansu Hualu, a subsidiary of Baiyin Ibis, and it held 51% equity interest in Gansu Hualu.

 

The Trade Alert author also featured Alcoa’s cutting payroll costs by 15% as a cost-cutting measure:

Alcoa Inc. (AA) shares dropped 11.06% in mid-morning trading, moving to $5.56. Alcoa engages in the production and management of primary aluminum, fabricated aluminum and alumina worldwide.  It involves in the technology, mining, refining, smelting, fabricating and recycling of aluminum. On sharp decline in demand among customers in the automotive and construction industries, the company recently said it expects to reduce payroll costs by 15% at some Canadian operations as a cost-cutting measure.  According to spokesman Kevin Lowery, Alcoa executives in Montreal, Quebec, discussed the plan to reduce work hours by 15% for managers, salaried staff and hourly workers on ‘as part of managing through the downturn and conserving cash.’

 


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