Zibo aluminum factory bankrupt aluminum industry enters "knockout"

Zibo Aluminum Factory Co., Ltd. (hereinafter referred to as & ldquo; Zibo Aluminum Plant & rdquo;) has come to an end as an aluminium company restructured from an old state-owned enterprise.
Zibo Zhangdian District People's court announced on the 24 day that Zibo aluminum plant was officially declared bankrupt. At the same time, there are also Zibo Hexing Aluminum Co., Ltd. (hereinafter referred to as & ldquo; Hexing Aluminum & rdquo;) which is related to it.
There are many reasons for the bankruptcy of Zibo aluminum factory in Zibo. But the overcapacity of the industry and the downturn in the industrial situation are one of the reasons for the common acceptance. Data show that by the end of 2014, the domestic aluminium production capacity has reached 44 million tons, but the actual output is only 23.68 million tons, and the capacity utilization rate is just over half. In this sense, the bankruptcy of Zibo Aluminum Plant is by no means the last one in the long and bitter winter of the aluminium industry.
Old state-owned enterprises go to the end
On the 24th, the People's Court of Zhangdian District of Zibo announced that the assets of Zibo Aluminum Plant were assessed by Shandong Qixin Asset Evaluation Co., Ltd. entrusted by the Court. The assets of Zibo Aluminum Plant were assessed at 8.7743 million yuan, the liabilities were assessed at 23.1753 million yuan, and the assets-liabilities ratio was 287%. According to the law, the court declared that the Zibo aluminum plant was bankrupt.
Zibo aluminum plant also went bankrupt as well as Hexing aluminum. According to the announcement of the People's Court of Zhangdian District, Zibo City, the total value of assets and liabilities of Hexing Aluminum Industry are 16.772 million yuan and 3.284 yuan respectively..49 million yuan, assets and liabilities ratio of 196%, equally serious insolvency. Economic report reporter noted that several natural shareholders of Hexing Aluminum are from Zibo Aluminum Plant, the two can be said to be in one continuous line.
Why did Zibo aluminum factory go to the point where it is now bankrupt?
Mention the history of Zibo aluminum factory, old worker Yang Hui sighed unceasingly. According to his guide newspaper reporter, Zibo Aluminum Factory was built at the end of 1968 and put into operation in 1970. It was a key project of Zibo at that time and a milestone in the development history of heavy industry in Zibo. Since then, Shandong has its own aluminum plant outside Zibo aluminum plant, a large national aluminum plant. After the establishment of Zibo aluminum plant, it was subordinate to the municipal machinery bureau, Metallurgical Bureau and other departments. In the 1980s and 1990s, Zibo Aluminum Factory had a glorious history, once ranked third in Zibo City, ranked as a civilized enterprise in Shandong Province.
However, with the process of reform and opening up, Zibo Aluminum Plant gradually went downhill, and carried out restructuring in 2001. After the restructuring, Zibo Aluminum Plant has formed the ownership structure of & ldquo; the operator owns large shares, the leading group holds shares, and the employees participate in & rdquo; and invested in the technical transformation of the electrolytic aluminium cell, so that the production can be partially restored. Later, the management of the Zibo aluminum plant also set up the Xingxing aluminum industry to load the aluminum alloy assets. But Zibo Aluminum Plant has not completely out of the dilemma, the company is still difficult, more and more difficult in recent two years, relying on plant equipment leasing for living.
For the bankruptcy of Zibo Aluminum Plant, Yang Hui attributed the reason to the poor management of the original management, or even self-interest. “ incompetent management, disorderly accounts, and even obstructing corporate restructuring for their own interests. ”
But the company's original management obviously did not accept such accusations. In the process of communicating with reporters, a person close to the management attributed the poor management of the company to the incomplete restructuring, in addition to affirming the work of the former management. “ as an old state-owned enterprise, Zibo aluminum factory is too burdened. At the time of the restructuring, the local government did not give financial support. Zibo Aluminum Plant carried out the ‘ debt-bearing type ’ restructuring, debt continued to be assumed by the main body after the restructuring. Moreover, the state identity of the employees in the listed companies has not changed. After restructuring, although the property right structure has changed, the burden on enterprises is still heavy. ”
Although the differences are relatively large, the reasons for the increase of the industry have been accepted by all parties. “ the aluminum industry is a highly polluting and energy consuming industry, and the national policy has been limited. Especially for the small aluminum plant of Zibo aluminum factory, there are many restrictions in policy. Moreover, especially in recent years, the excess capacity of the aluminium industry market has become more and more serious, and the business situation of enterprises has become worse and worse. It is reasonable for Zibo Aluminum Plant to come to this point today. ” those close to management told the guide.
Three quarterly report deficit exceeds 50%
At present, the overall operation situation of China's aluminum industry is indeed not optimistic.
Statistics show that since 2005, with the increase of production capacity and output of domestic aluminium production enterprises, the apparent consumption of aluminium has increased year by year, reaching more than 24 million tons by 2014. However, from the growth rate point of view, since 2011, the growth rate of consumption has slowed down year by year, but the production capacity and output of enterprises are still growing substantially.
In the second half of 2014, some new capacity of domestic electrolytic aluminium was put into operation centrally, and the capacity of Xinjiang, Inner Mongolia and Gansu was more than 3.5 million tons in the underground half year. In the first half of this year, although the capacity of electrolytic aluminium was shut down about 500,000 tons per year, more than 1 million tons per year of new capacity were put into operation, and the capacity scale of some areas with resource advantages was still expanding.
The growth of production capacity has met the bottleneck of demand, and the domestic aluminum industry has gone from bad to worse. From the point of view of aluminium price, since July 2011, aluminium price has broken through the 18,000 yuan/ton barrier upwards and began to fall downwards, which has not been touched in recent years. At present, the domestic electrolytic aluminum price has plummeted to below 11000 yuan / ton.
Judging from the operation of enterprises, many Aluminum Inc are also struggling in the severe winter.
According to the operating situation of A-share listed companies in China, data from Choice (53.600, & nbsp; - 1.41, & nbsp; - 2.56%) show that as of 26, seven aluminum companies have published three-quarter reports and four have made losses. Shenhuo shares (4.45,   -0.05,   -0.05,   -1.11% (000933) lost 849 million yuan, Zhongfu Industries (54.04, -0.04, -0.11,   -nbsp; -2.14%% (60 595) huge losses of 124 million yuan, Yunaluminium shares (54,   -0.06, -1.13% (80 80807 7) lost 95.1659 million yuan, Yinbang shares (8.200,  , &n200,  ,  , &nb20,  ,  , & nbsp, 2.38% (30 337) lost 60.3446 million yuan. The 3 profits were Lufeng environmental protection (4.34,   0,   0%) (002379), Xinjiang Zhonghe (8.53,   -0.09).Nbsp; - 1.04% (60,888) and Dongguang Sunshine Section (60,673) earned 7.297 million yuan, 33.533.39 million yuan and 94.136 million yuan respectively.
According to the data of the first half of the year, six of the 18 listed companies in the aluminum industry lost money, with net profit of only 533 million yuan. The grim situation of the industry is evident.
Some analysts believe that under the circumstances of sluggish demand growth and serious overcapacity of domestic aluminium production, the industry's & ldquo; elimination competition & rdquo; has just begun. In the future, we will not rule out more bankruptcies.