China Hongqiao Group Ltd's aluminum plants in Shandong province were damaged by flooding caused by Typhoon Lekima that battered eastern China, Reuters reported Aug. 12, citing a statement by affiliate firm Weiqiao Pioneering.
Flood levels in one of Hongqiao's plants reached up to two meters. A Weiqiao subsidiary suspended production on a separate facility, while another aluminum subsidiary was "severely threatened" by the floods. Death toll from the typhoon has risen to 44, the report said.
China Hongqiao did not immediately respond to the newswire's request for comment. The company has an annual production capacity of 6.46 million tonnes.
In 2018, the company posted a 5.4% yearly increase in attributable net profit to about 5.41 billion Chinese yuan, mainly due to a significant fall in impairment losses.
As of Aug. 9, US$1 was equivalent to 7.06 Chinese yuan.