Aluminium recycler Novelis rolls out bigger profit

United States: US-based aluminium rolling and recycling major Novelis has reported a net income of US$ 307 million for the second quarter of fiscal year 2018 compared to a net loss of US$ 89 million in last year’s corresponding period owing to increased shipments, 'favourable' metal costs and operational efficiencies. Net sales increased 18% year on year to US$ 2.8 billion.

'As an industry, we are seeing increasing demand for lightweight, high-strength aluminium from global automotive customers based on aluminium's ability to provide equal or better quality, strength and safety compared to other materials,' comments Novelis' president and ceo Steve Fisher.

'We are now actively seeking organic investment opportunities to further expand our leadership position in the growing automotive aluminium sector.'

The company recently announced in its latest sustainability report that it had incorporated 55% recycled content into its products in the 2017 financial year, thereby reaching what had been identified as a target figure some two years ahead of schedule.

The recycled content recorded for the 2016 financial year had been 53%.

 



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