Chinalco takes over State alloy maker NELA

Aluminum Corp of China (Chinalco), parent of its listed arm Chalco, has acquired the controlling stake of Northeast Light Alloy Co Ltd (NELA), a State-owned enterprise in the defense industry.

Sources told China Daily that a deal was inked over the weekend in Harbin - where the NELA is headquartered - with Chinalco agreeing to participate in NELA's restructuring by acquiring 75 percent of its 1.6 billion yuan of assets.

Chinalco is China's largest aluminum and alumina producer. It paid 1.2 billion yuan to gain the controlling stake of NELA, considered the nation's largest manufacturer of aluminum and magnesium alloy.