ZURICH, August 19, 2010 -- Novelis today announced that it is increasing the prices of the speciality sheet products that it sells to European distribution and industrial customers. The company's fabrication charge will increase by up to 100 Euros per tonne, depending on the product.
The price change is effective immediately for all new orders booked and for all shipments on or after October 1, 2010. Orders currently under a fixed contract are not affected by this announcement.
"Further to the price increase announced in May, we continue to see significant growth in order intake across all major sheet markets in Europe, as well as increases in aluminium spot premiums," said Tadeu Nardocci, senior vice president of Novelis Inc. and president of Novelis Europe. "This adjustment to our prices reflects that situation as well as metal and capacity limitations."
Similarly, the prices for coil-coated sheet products supplied by Novelis to the building and construction, transport and industrial markets are also being revised upwards in line with market and cost developments.
Novelis is the leading supplier of high quality aluminium sheet to the European market.
Novelis Inc. is the global leader in aluminium rolled products and aluminium can recycling. The company operates in 11 countries, has approximately 11,600 employees and reported revenue of US$8.7 billion in its 2010 fiscal year. Novelis supplies premium aluminium sheet and foil products to automotive, transportation, packaging, construction, industrial, electronics and printing markets throughout North America, South America, Europe and Asia. Novelis is a subsidiary of Hindalco Industries Limited (BSE: HINDALCO), one of Asia's largest integrated producers of aluminium 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, please visit http://www.novelis.com.