Novelis Increases Prices for Aluminum Automotive Sheet Products in North America
ATLANTA, Nov. 4, 2013 /PRNewswire/ -- Novelis, the world leader in aluminum rolling and recycling, today announced a price increase on its aluminum automotive sheet products in North America.
The price increase of $0.11 per pound for 6000-series, 5182-series and 5000-series automotive alloys will be effective for all new orders on or after January 1, 2014. Novelis fabrication pricing for specified volumes under current contracts will be honored throughout the contract period. The price increase is in addition to the previously announced pricing adjustment made on April 23, 2013.
"This increase reflects the dynamics of the rapidly growing market for aluminum automotive sheet in North America," said Marco Palmieri, Senior Vice President and President, Novelis North America.
"We officially commissioned our two new automotive sheet finishing lines in Oswego, NY, last month, which will increase our automotive capacity by 240,000 tons per year," said Palmieri. "That's five times our current automotive capacity in North America and an important milestone as we remain globally positioned to build on our supply and technology leadership in this important market."
In addition to the Oswego expansion, a new automotive sheet finishing plant is under construction in Changzhou, China, which is expected to commence production in mid-2014 and will have a capacity of 120,000 tons. The company also recently certified automotive sheet production at its Gottingen, Germany plant that will ultimately add 40,000 tons of additional capacity. These new locations will join the company's existing automotive facilities in Kingston, Ontario, Canada; Sierre, Switzerland and Nachterstedt, Germany.
Novelis is the world's leading provider of aluminum automotive sheet, used for making structural components and exterior body panels. Novelis aluminum can be found in more than 180 different vehicle models produced by leading automakers around the globe.
Novelis Inc. is the global leader in aluminum rolled products and the world's largest recycler of aluminum. The company operates in nine countries, has approximately 11,000 employees and reported revenue of $9.8 billion for its 2013 fiscal year. Novelis supplies premium aluminum sheet and foil products to automotive, transportation, packaging, construction, industrial and consumer electronics markets throughout North America, Europe, Asia and South America. The company is part of the Aditya Birla Group, a multinational conglomerate based in Mumbai, India. For more information, visit www.novelis.com and follow us on Twitter at twitter.com/Novelis.
Statements made in this news release which describe Novelis' intentions, expectations or predictions may be forward-looking statements within the meaning of securities laws. Examples of forward-looking statements in this news release include the anticipated future capacity of our plants. Novelis cautions that, by their nature, forward-looking statements involve risk and uncertainty. We do not intend, and we disclaim any obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise. Important risk factors which could impact outcomes are included under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended March 31, 2013.