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    Hindalco plans to expand automotive aluminium sheet capacities in US and China

  • China Aluminium Network
  • Post Time: 2017/9/8
  • Click Amount: 300

    Hindalco Industries Ltd., a subsidiary of the Aditya Birla Group, is planning to expand Novelis' auto lines in the US and China to meet the growing demand for automotive aluminium Sheets. Hindalco’s Managing Director Satish Pai said at the Annual Global Investor Conference on Tuesday.

    Satish Pai said: “Auto shipments from Novelis were 18 per cent in 2016 and in the next year or so, around 25 per cent of our shipments will be auto.”

    Novelis, a subsidiary of Hindalco Industries, is the world leader in aluminium rolling and recycling. The company is a global producer of automotive and beverage can sheet.

    “Electric vehicles are going to be a big trend. They are much more aluminium-in tensive than some of the other straightforward con versions for aluminium that we see,“ Pai said at the conference organised by brokerage firm Motilal Oswal Financial Services.

    Novelis reported record results for Q4 2017 recording significant YoY increases in Adjusted EBITDA, net income, free cash flow and automotive sheet shipments.Net income increased 46% to $73 million. Excluding special items net income stood at $47 million. Adjusted EBITDA excluding metal price lag was up 5% to $292 million.  The results were driven by 26% increase in automotive shipments.

    Source: AlCircle.com
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