Hindalco Industries, chairman, Kumar Mangalam Birla today in the company’s AGM said that the power cost pressure is hitting aluminum smelters hard. He also noted that China continuous to be a major demand driver for the company and copper consumption in Asia, except China, has slowed down.
In the AGM, Birla said that the domestic affairs are affecting the Indian economy and several producers have curtailed their production in recent months. He also said that treatment refined charges in 2011 is better than 2010.
Aluminum business in India has recorded highest production. The company's copper business in India attained strong traction. He also said that all the major strategic expansions are on track. Hindalco has entered China to expand automotive leadership position. The company is focused on consolidating metals portfolio in India. The consolidated capex for FY12 stands at Rs 13,802 crore.
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