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However, its outlook remains unchanged despite a decline in its share price over the past several weeks, with its funding profile sound and operational prospects expected to stay stable, Vimetco added.
Production costs will fall per ton, Vimetco said, as a result of rigorous cost reductions, including the outsourcing of non-core services, sale of non-business-crucial assets and a substantial cut back in head count in Romania, as well as the startup of a new state-of-the-art smelter in China.
The company has already cut its annual aluminum production capacity by around 95,000 tons in China and delayed capital expenditure on new projects there in response to deteriorating market conditions.
"Vimetco remains confident that the aluminum price will recover during 2009," it said, noting a boost to prices on the back of China's economic stimulus plan to boost the Asian country's economy.
London Metal Exchange aluminum prices are down from their July peak of $3,380/ton to around $1,950/ton.
-By Andrea Hotter, Dow Jones Newswires; +44 (0)20 7842 9413; andrea.hotter@dowjones.com
(END) Dow Jones Newswires
11-12-08 0330ET
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