Novelis Increases Prices for Automotive Aluminum Sheet Products in North America
ATLANTA, April 23, 2013 /PRNewswire/ -- Novelis today announced price increases on its automotive aluminum sheet products in North America. The fabrication price will increase by $0.13 per pound for 5182-series and 5754-series automotive alloys, and by $0.09 per pound for 6000-series automotive alloys.
The price changes are effective immediately for all new orders on or after April 23, 2013. Novelis fabrication pricing for specified volumes under current supply agreements will be honored for the contract period.
"This increase reflects the prevailing tight supply situation and strong demand," said Tom Walpole, President, Novelis North America. "Given the market dynamics, we also expect to see an upward trend in metal premiums and production costs."
"We are on track with our 200,000 tonnes/year automotive capacity expansion that will come on-line in Oswego, New York, in 2014," added Walpole, "and we remain committed to being the aluminum sheet leader in the automotive industry."
Novelis Inc. is the global leader in aluminum rolling and recycling. For fiscal year 2012, the company operated in 11 countries, had more than 11,000 employees and reported revenue of $11.1 billion. Novelis supplies premium aluminum sheet and foil products to automotive, transportation, packaging, construction, industrial, electronics and printing markets throughout North America, Europe, Asia and South America. Novelis is a subsidiary of Hindalco Industries Limited (BSE: HINDALCO), one of Asia's largest integrated producers of aluminum and a leading copper producer. Hindalco is a flagship company 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 capacity of our automotive expansion project in Oswego, New York. 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, 2012, and our Quarterly Report on Form 10-Q for the quarter ended December 30, 2012