EXHIBIT 99.2

EXHIBIT 99.2

NEWS RELEASE [LOGO OF NOVELIS]
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NOVELIS DELAYS 3RD QUARTER 2005 RESULTS
Will restate 1st and 2nd quarters 2005
Reviews reserves and contingencies
Offers 3rd quarter regional income guidance

ATLANTA - November 7, 2005 - Novelis Inc. (NYSE: NVL; TSX: NVL) today announced
that its Audit Committee and management have decided to delay the release of
third quarter 2005 results and will restate the Company's previously issued
financial statements for the first and second quarters of 2005. The decision to
restate and delay arose from management's review of reserves and contingencies
in South America. As a result, the Company's Audit Committee, after discussing
these issues with PricewaterhouseCoopers LLP, the Company's independent
registered public accounting firm, has concluded that such previously issued
financial statements should no longer be relied upon. The Audit Committee has
also decided to engage independent outside advisors to assist the Company in
conducting a full review of matters relating to reserves and contingencies as
well as adjustments made to arrive at the Company's opening balance sheet as of
January 6, 2005.

The second quarter restated earnings are expected principally to reflect the
reversal of an approximately $5 million pre-tax contingency related to Brazilian
litigation matters. Additionally, the first quarter earnings are expected to be
restated principally to reflect additional Income taxes of approximately $4
million in Canada. These adjustments are preliminary estimates, and because the
review has not been completed additional adjustments may be required.

Our preliminary unaudited third quarter total regional income results, as
described in Attachment A, will be approximately $145 to $155 million, subject
to completion of the review. While results were negatively impacted by energy
and freight costs as well as currency in the quarter, the overall metal impact
was positive as compared to the same quarter in 2004. Rolled product shipments
were essentially flat in the quarter compared to third quarter 2004. Cash flows
continue to be strong resulting in $96 million of debt reduction in the quarter.

Final third quarter earnings will not be reported until the review is completed.
The previously announced third quarter earnings conference call scheduled for
November 15, 2005 is postponed pending further notification.

Novelis, which was spun-off by Alcan Inc. on January 6, 2005, is the global
leader in aluminum rolled products and aluminum can recycling. The company has
36 operating facilities in 11 countries and more than 13,000 employees. Novelis
has the unparalleled capability to provide its customers with a regional supply
of high-end rolled aluminum products throughout Asia, Europe, North America, and
South America. Through its advanced production capabilities, the company
supplies aluminum sheet and foil to the automotive and transportation, beverage
and food packaging, construction and industrial, and printing markets. For more
information, visit www.novelis.com.


Statements made in this news release which describe Novelis' intentions,
expectations or predictions (e.g., the amount of charges we expect to incur) may
be forward-looking statements within the meaning of securities laws. Novelis
cautions that, by their nature, forward-looking statements involve risk and
uncertainty and that Novelis' actual results could differ materially from those
expressed or implied in such statements. Reference should be made to Novelis'
annual report on Form 10-K and its other filings with the Securities and
Exchange Commission for a discussion of major risk factors in addition to the
factors set forth in this press release.

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MEDIA CONTACT:
Charles Belbin
+1 404 814 4260
charles.belbin@novelis.com

INVESTOR CONTACT:
Holly Ash
+1 404 814 4212,
holly.ash@novelis.com

ATTACHMENT A

Regional Income is the measure by which management evaluates the performance of
our operating segments. Regional Income comprises earnings before interest,
taxes, depreciation and amortization excluding certain items, such as corporate
office costs and asset and goodwill impairments, restructuring, rationalization
and the change in fair market value of our derivatives, which are not under the
control of the regional groups. These items are managed by the company's head
office, which focuses on strategy development and oversees governance, policy,
legal compliance, human resources and finance.

Financial information for the regional groups includes the results of certain
joint ventures on a proportionately consolidated basis, which is consistent with
the way the regional groups are managed. Under U.S. GAAP, these joint ventures
are accounted for under the equity method. Therefore, in order to reconcile to
Income before income taxes and other items, the Regional Income attributable to
these joint ventures is removed from Total Regional Income for the company and
the net after-tax results are reported as equity income.

The change in the fair market value of derivatives, with the exception of
unrealized gains or losses on certain cash flow hedges, has been removed from
individual regional results and is shown on a separate line. This presentation
provides a more accurate portrayal of underlying regional group results and is
in line with the company's portfolio approach to risk management.


Regional Income is not a U.S. GAAP measure. The most comparable U.S. GAAP
measure is Income before income taxes and other items. To calculate Income
before income taxes and other items from Total Regional Income, the following
items must be removed from Total Regional Income: Corporate office;
Equity-accounted joint ventures; Change in fair market value and
reclassifications of derivatives; Restructuring, rationalization, and impairment
charges; Depreciation and amortization; and Interest. These items could be
significant. However, Income before income taxes and other items cannot be
calculated at this time.