Aluminum Corp. of China (Chinalco), the nation's largest aluminum producer, generated 3 billion yuan ($473.2 million) in net profits in the first 11 months of 2011, compared with 4 billion yuan ($631.9 million) in the first nine months.

"Commodities prices, including that of aluminum, are declining due to waning demands amid simmering the European debt crisis," said Xiong Weiping, President of Chinalco. "A bleak winter for the entire industry is arriving, though it is less likely for Chinalco to spill red ink," he said.

Xiong said that Chinalco's countermeasure was to diversify risks by pushing into new businesses such as copper, rare earths and iron ore.

Chinalco will also accelerate its overseas expansion to achieve its target of having foreign assets account for 30 percent of the total by 2020. In August 2011, Chinalco commenced construction on a giant copper mine in Peru. The project is expected to come in operation in 2013.