ZURICH, Oct. 6, 2010 -- Novelis today announced that it is increasing the prices of the speciality aluminium sheet products that it sells to European distribution and industrial customers. The company's fabrication charge will increase by up to 140 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 January 1, 2011. Orders currently under a fixed contract are not affected by this announcement.
"There are a number of reasons for this price increase,” said Tadeu Nardocci, senior vice president of Novelis Inc. and president of Novelis Europe. “The tight supply situation, with demand remaining strong, must be reflected in our prices and payment terms. Furthermore, the upward trend in metal premiums continues and this cost increase is also a factor.”
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 $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 www.novelis.com.
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 Novelis’ expectations regarding upward trends in metal premiums and continued strong demand for metal supplies. 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, 2010.