Aluminum price soars as China cancels tax incentive on exports
The export tax rebate was also removed for copper and lowered for some refined oil, solar, battery and non-metallic mineral products.
Lu Dongliang
Aluminum Corp of China Ltd, known as Chalco, said on Thursday its chairman Yu Dehui had resigned and been replaced by the company’s president, Lu Dongliang.
The appointment to the top job marks a rapid promotion for the 45-year-old Lu, who had only served as president at Chalco, the listed arm of China’s biggest state-owned aluminium firm Chinalco, for one year.
Lu is himself replaced as president by 56-year-old He Zhihui, who previously served as assistant to the general manager at Chinalco.
The changes continue a management reshuffle at Chalco, which on Wednesday announced the retirement of chief financial officer Zhang Zhankui. His replacement was named as 48-year-old Wang Jun.
Explaining Yu’s resignation, Chalco said in a statement to the Hong Kong stock exchange that the 59-year-old, who took on the chairman’s role in April 2016, needed to “devote himself to the management work” of Chinalco, where he serves as general manager and a director.
(By Tom Daly; Editing by Alexandra Hudson)
