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Companies

China CNR, CHALCO sign accord on supply guarantee

(Xinhua)
Updated: 2010-12-15 10:17
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BEIJING - China CNR Corp announced Tuesday that it has signed a framework agreement with Aluminum Corporation Of China (CHALCO) to forge a strategic cooperation as both companies vowed to guarantee supplies to each other.

China CNR and CHALCO will prioritize their supplies of products to each other while strengthening their cooperation in fields of scientific innovation and emerging industries of strategic importance, according to the agreement.

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China CNR and CHALCO can complement each other, and both companies should establish a long-term and stable partnership, noted the agreement.

One of the country's largest train manufacturers, China CNR needs raw materials such as aluminum, copper and other non-ferrous metals for its manufacturing.

As China's largest producer of alumina, CHALCO needs China CNR's know-how of manufacturing rail and other engineering equipment.

Following news of the cooperation, share prices of China CNR and CHALCO were mixed Tuesday in Shanghai and Hong Kong stock exchanges.

CNR went up 0.96 percent to close at 7.34 yuan ($1.1) in Shanghai. CHALCO dipped 0.66 percent to 10.46 yuan in Shanghai, but rose 1.27 percent to HK$7.2 (93 cents) in Hong Kong.