Nov. 23, 2016

Novelis Increases Auto Sheet Shipments

Novelis, the Atlanta-based aluminum producer, reported a net loss of $89 million in the second quarter of its 2017 fiscal year ended Sept. 30, compared with a $13 million loss in the prior-year quarter. Excluding charges related to debt refinancing and a loss from the sale of its interest in Aluminum Company of Malaysia, the company reported net income of $60 million in the quarter.

Novelis’ net sales decreased 5.0 percent to $2.4 billion in the quarter, driven by lower average aluminum prices and a 2.0 percent decline in total shipments of rolled aluminum products. Offsetting those declines was a shift to higher-conversion premium products, including a 12 percent increase in automotive sheet shipments.

"We continued driving the positive momentum achieved over the last several quarters into the second quarter," said Steve Fisher, president and CEO of Novelis. "Our strong EBITDA performance is a result of strategic investments in new capacity, driving positive portfolio mix and efficiency gains.”


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Wednesday, October 18, 2017