Shanghai Huafon Aluminium (SHA:601702) revised its investment plan for a high-end aluminum sheet and foil project, increasing production capacity to 450,000 tons and total investment to 2.62 billion yuan to meet growing demand in the new energy vehicle sector.
The updated plan expands production to include 300,000 tons of hot-rolled aluminum sheets and 150,000 tons of high-end aluminum products for NEVs and other applications, according to a Friday filing with the Shanghai bourse.
The project, located in Chongqing's Fuling District in China, will now cover an additional 500 mu and feature advanced equipment like hot-rolling and cold-rolling mills.
The revised project is expected to achieve a post-tax payback period of 5.4 years.
Shares of Shanghai Huafon Aluminium rose 3% in recent trade.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.