CHINALCO to cut output of 380,000 tons

State-owned Aluminum Corp of China (CHINALCO), announced on Wednesday that it will temporarily close some electrolytic aluminium production lines in a bid to shore up prices.

The lines involved have an annual output of around 380,000 tons, according to the announcement.

Yuan Li, spokesman for CHINALCO said resumption of production will depend on market conditions.

In 2008, CHINALCO announced a cut in production of electrolytic aluminium of about 720,000 metric tons, or 18 percent of its annual electrolytic aluminium output.

In 2012, CHINALCO lost some 8.23 billion yuan ($1.34 billion) due to excessive production capacity and low prices, the company's annual report said.

CHINALCO's A-share price lost 1.48 percent, closing at 3.99 yuan per share while the H-share price lost 1.69 percent, closing at HK$2.9 ($0.37) per share on Thursday.