Hindalco's subsidiary Novelis as well as the aluminium division of Vedanta have trimmed guidance by 30-40 per cent for the year
As per reports, Novelis has also lowered its capital expenditure (capex) outlook for FY23 to a range of $900 million- $1 billion from the previously guided $1.3-1.6 billion
The new facility will increase Novelis's, unit of Hindalco, recycling capacity to 90 billion cans globally, from 74 billion currently
The plan is to build a new highly advanced low-carbon recycling and rolling plant in Bay Minette, Alabama, with initial 600 kilotonnes of finished aluminum goods capacity a year
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Novelis Inc, a subsidiary of Hindalco Industries, will build a USD 50 million (around Rs 373 crore) recycling and casting centre in South Korea to expand low carbon aluminium production.
The company said that it reported its highest net profit in Q3 FY22, surpassing all previous quarterly performances
Once the facility become fully functional, it is likely to generate 140 new jobs in Kentucky.
Part of the capex will be deployed towards Novelis' business regions in auto-finishing lines expansion in the US and China
Metals cycle is expected to stay strong and aid the company, but prices may top out this fiscal
Novelis, a wholly-owned subsidiary of Hindalco Industries Ltd, on Wednesday posted a 179.3 per cent rise in net income to USD 176 million for the quarter ended March 31, 2021.
All of the company's aluminium upstream plants continue to operate at near full capacity with all logistics infra coming back on track
Rebound in aluminium price, positive Novelis outlook boost confidence in stock
While two units are to be divested, outlook for high-end aerospace business is soft
The deal, which closed at an enterprise value of $2.8 bn, positioned Hindalco as one of the world's largest aluminium companies, with a global footprint across 49 manufacturing facilities
Hindalco shares closed at Rs 107 a share, as all clearance for the acquisition, which was announced in July 2018, finally fell into place for the acquisition of Cleveland-based Aleris.
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Analysts say the demand for aluminium from the US auto industry remains favourable and there are supply constraints for aluminium cans too
Approval is subject to the sale of Aleris' unit in Duffel, Belgium
The DOJ and Novelis have agreed to refer the matter to a binding arbitration, given the differences in calculating the market size, among other things