Oct. 16, 2013
Novelis Completes $400 Million Korean Expansion
Atlanta-based Novelis has completed a two-year, $400 million expansion program in South Korea. The expansion of its Yeongju and Ulsan plants increases the company’s production capacity in the region by more than 50 percent to approximately one million metric tons of aluminum sheet per year.
"Investing further in Korea has been a key element in the company's global strategy," says Phil Martens, president and CEO of Novelis Inc. "Asia is the largest and fastest growing region in the world for aluminum, and this expansion allows us to maintain our leadership in this dynamic region across key markets such as beverage cans, consumer electronics and automobiles."
Novelis began the expansion of its aluminum rolling and recycling facilities in 2011 to meet the rising demand for flat-rolled aluminum in high-value-added products in the Asian market. The expansion includes a hot-rolling finishing mill, cold-rolling mill, pusher furnace, high-speed slitter and annealing furnaces, in addition to the previously commissioned fully-integrated recycling center at Yeongju.
“The expansion enables Novelis to expand into new markets within the region,” says Shashi Maudgal, president of Novelis Asia. “We can now supply coils to our new automotive sheet finishing plant in Changzhou, China, which is expected to commence production in mid-2014. Furthermore, we can now pursue new business opportunities in high-value-added markets like consumer electronics where a high-quality surface finish is required.”