EXHIBIT 99.3
Published on August 31, 2006
Exhibit 99.3
NEWS RELEASE
For Immediate Release
NOVELIS DECLARES QUARTERLY DIVIDEND
ATLANTA, Aug. 28, 2006 - The Board of Directors of Novelis Inc. (NYSE: NVL)
(TSX: NVL) today declared a quarterly dividend of US$0.01 per share on its
outstanding common stock, payable on September 25, 2006, to shareholders of
record at the close of business on September 7, 2006.
There are approximately 74 million common shares of Novelis Inc. stock
outstanding.
The Company said the Board reduced the dividend this quarter in consideration of
previously announced corporate cost increases and higher interest rates, as well
as the limitations under its credit agreement related to dividend payments. The
Board has not made any decision with respect to future dividend payments, which
will be determined in light of the quarterly results, credit agreement
limitations and other factors at that time.
Novelis also announced that it will mail copies of its Annual Report on Form
10-K to each shareholder along with its proxy materials in the coming weeks. The
Annual Report is currently available for download on the Novelis website at
www.novelis.com. Shareholders who require printed copies in advance of the
mailing of proxy materials may contact the Investor Relations department by
telephone at 404-814-4212 or via e-mail at investor.relations@novelis.com.
Novelis is the global leader in aluminum rolled products and aluminum can
recycling. The company operates in 11 countries and has approximately 12,500
employees. Novelis has the unrivaled capability to provide its customers with a
regional supply of technologically sophisticated 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 may be forward-looking statements within the meaning
of securities laws. Examples of forward-looking statements in this news release
include, among other matters, Novelis' intention to distribute proxy materials
in the coming weeks. 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. Please refer to important risk factors
listed under the caption "Risk Factors" in our annual report on Form 10-K for
the year ended December 31, 2005, as filed with the SEC. The risk factors
included in our annual report on Form 10-K for the year ended December 31, 2005,
are specifically incorporated by reference into this news release.
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CONTACT:
Charles Belbin
404-814-4260
charles.belbin@novelis.com