Aluminum Corporation of China Limited

What they do

Chalco is primarily engaged in the production and sale of aluminum, including alumina, primary aluminum, and aluminum alloy products. The company also operates in coal and other energy resources, and is involved in the import/export of aluminum products and trading. It operates through various subsidiaries in China and overseas, with a focus on integrating bauxite, alumina, and smelting operations.

Revenue drivers

• Alumina — Production and sale of alumina (refined from bauxite) is a key upstream segment, supplying both internal smelters and external customers.
• Primary Aluminum — Smelting of primary aluminum is the core product segment, with sales to downstream fabricators and industrial users; volume and prices drive revenue.
• Trading and Distribution — The company engages in trading of aluminum and other commodities, generating revenue from margins on volumes handled, including third-party materials.

Recent performance

The filing is an amendment to the 2022 annual report (fiscal year ended December 31, 2022), addressing SEC comments; no new financial figures were provided. The original filing on April 25, 2023 reported results, but this amendment only restates Item 16I (foreign jurisdiction disclosure) and Item 19 (exhibits), without updating financials. As of December 31, 2022, the company had 13.2 billion domestic shares and 3.9 billion H shares outstanding. The company was previously identified as a Commission-Identified Issuer under the HFCA Act but expects not to be after the PCAOB's December 2022 decision.

Strategy

Management has not provided a new strategy in this amendment. The company's focus remains on its existing integrated aluminum operations, with state ownership through Chinalco (31.90% ownership) providing strategic oversight. The amendment does not disclose new investments or priorities. It references the need to comply with SEC requirements and maintain listing status. The company continues to operate with a large base of foreign subsidiaries (30 consolidated foreign operating entities).

Risks

• Ownership concentration by state — The Chinese government, through Chinalco and SASAC, controls 31.90% of shares, giving it significant influence over corporate actions and strategy.
• Regulatory and audit oversight — The company was listed as a Commission-Identified Issuer under the HFCA Act; while PCAOB access has improved, future regulatory restrictions could affect compliance and investor confidence.
• Commodity price volatility — Revenue and profitability are highly dependent on global aluminum and alumina prices, which fluctuate with supply-demand cycles and economic conditions.
• Geopolitical and trade risks — Operating in China and overseas, the company faces potential tariffs, sanctions, or export controls that could disrupt its supply chain and market access.

Outlook

The amendment does not provide new forward-looking statements. The company notes that it expects not to be re-identified as a Commission-Identified Issuer after filing this annual report, indicating improved audit oversight. It continues to describe conditions as of the date of the original filing (April 25, 2023). No updates on production volumes, market conditions, or capital spending were made in this filing.