EXHIBIT 99.2

Exhibit 99.2

NOVELIS FORECASTS IMPROVED FINANCIAL PERFORMANCE IN 2007 FOLLOWING YEAR OF
TRANSITION IN 2006

MANAGEMENT TO PROVIDE FINANCIAL GUIDANCE ON INVESTOR CONFERENCE CALL TODAY

ATLANTA, Sept. 29 /PRNewswire-FirstCall/ -- Novelis Inc. (NYSE: NVL) (TSX:
NVL) today said it would be providing the following guidance for 2006 and 2007
as part of the strategic and financial update conference call it is holding with
investors today at 8:30 a.m. ET. On the call, Novelis will report that:

- The Company continues to generate solid cash flow. Novelis expects
total free cash flow for 2006 to be between $150 million and $200
million, and believes it will remain in that range for 2007 as the
Company improves its risk mitigation program.

- The Company anticipates a return to positive earnings before taxes in
2007. For the full year of 2006, Novelis expects to post a loss before
taxes of between $240 million and $285 million. For the full year of
2007, the Company anticipates earnings before taxes of between $35
million and $100 million. This expected upswing is due primarily to
the elimination of half of the Company's can sheet price ceiling
exposure, expected increases in rolled product shipments, and expected
corporate cost reductions.

- The Company estimates that shipments for 2006 will be between 3,140 and
3,170 kilotonnes (kt). In 2007, shipments are forecasted to grow by 3
to 4 percent compared to 2006.

- For 2006, Novelis estimates capital expenditures of between $110
million and $115 million. For 2007, the Company expects that its
capital expenditure run rate will return to traditional investment
levels of between $165 million and $175 million.

- Longer term, the Company will target an annual growth rate of 7 to 10
percent for regional income less corporate costs; annual returns on
invested capital exceeding 12%; annual free cash flow surpassing $400
million; and a debt-to-EBITDA ratio of between 2.5x and 3.0x.

Novelis said that all forward estimates assume an average price for primary
aluminum of $2,500 per metric ton on the London Metal Exchange.

"We believe that we are nearing the end of a difficult transition period,"
said William T. Monahan, Chairman and Interim Chief Executive Officer. "The
fundamentals of our business remain strong, and we are pleased with our future
outlook as the result of the actions we have taken, and will continue to take,
to enhance shareholder value."

The Company reiterated that it is on track to file its Form 10-Q for the
second quarter by October 20, 2006, and to be current with its filings once it
files its third-quarter report during the fourth quarter.

The Company also noted that its previously reported commitments for
backstop financing facilities totaling $2.855 billion from Citigroup Global
Markets Inc. have been extended to October 31, 2006. In the event that Novelis
is not able to file its quarterly report on Form 10-Q for the second quarter of
2006 by the deadlines defined in the notice of default and in its Credit
Agreement waiver, the backstop financing facilities would provide the funding
necessary to retire the Senior Notes and, if needed, replace the Company's
existing term loan and revolving credit facility.

In addition, Novelis announced that it will be requesting an amendment to
its $1.8 billion Credit Agreement to modify certain financial covenants and
other provisions contained in the Agreement. Specifically, Novelis will request
that the lenders under the Credit Agreement temporarily relax the interest
coverage covenant, leverage ratio covenant, and fixed charges covenant among
other things.

Following is dial-in information for the conference call:
U.S. Dial-in: 866-713-8562
International: 617-597-5310
Passcode: 84469615


A webcast of the presentation slides will be provided on the Novelis
website at www.novelis.com. The presentation will be available for download
shortly before the webcast.

A replay of the conference call will be available beginning at 10:30 a.m.
ET of the same day through October 13, 2006.

Following is dial-in information for the replay:
U.S. Dial-in: 888-286-8010
International: 617-801-6888
Passcode: 14899132

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, beliefs or predictions may be forward-looking statements within
the meaning of securities laws. Forward-looking statements may include
statements preceded by, followed by, or including the words "believes,"
"expects," "anticipates," "plans," estimates," "projects," "forecasts," or
similar expressions. Examples of such forward-looking statements in this news
release include, among other matters, our guidance regarding expected cash flow,
projected earnings before taxes for 2006 and 2007, our expectations for
shipments for 2006 and 2007, our projected capital expenditure levels for 2006
and 2007; our longer-term forecasted targets for regional income less corporate
costs, annual free cash flow, and our debt-to-EBITDA ratio; and our expectation
that we will file our financial results for the second quarter of 2006 with the
SEC by October 20, 2006. Additionally, there can be no assurance that the
company will be successful in its request to amend certain financial covenants
and other provisions contained in its $1.8 billion Credit Agreement. 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. These statements are based on beliefs
and assumptions of Novelis' management, which in turn are based on currently
available information. These assumptions could prove inaccurate. 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.
Factors that could cause actual results or outcomes to differ from the results
expressed or implied by forward-looking statements include, among other things:
the level of our indebtedness and our ability to generate cash; relationships
with, and financial and operating conditions of, our customers and suppliers;
changes in the prices and availability of aluminum (or premiums associated with
such prices) or other raw materials we use; the effect of metal price ceilings
in certain of our sales contracts; our ability to successfully negotiate with
our customers to remove or limit metal price ceilings in our contracts; the
effectiveness of our hedging activities, including our internal used beverage
can and smelter hedges; fluctuations in the supply of, and prices for, energy in
the areas in which we maintain production facilities; our ability to access
financing for future capital requirements; continuing obligations and other
relationships resulting from our spin-off from Alcan; changes in the relative
values of various currencies; factors affecting our operations, such as
litigation, labor relations and negotiations, breakdown of equipment and other
events; economic, regulatory and political factors within the countries in which
we operate or sell our products, including changes in duties or tariffs;
competition from other aluminum rolled products producers as well as from
substitute materials such as steel, glass, plastic and composite materials;
changes in general economic conditions; our ability to improve and maintain
effective internal control over financial reporting and disclosure controls and
procedures in the future; changes in the fair market value of derivatives;
cyclical demand and pricing within the principal markets for our products as
well as seasonality in certain of our customers' industries; changes in
government regulations, particularly those affecting environmental, health or
safety compliance; changes in interest rates that have the effect of increasing
the amounts we pay under our principal credit agreements and other financing
arrangements; the continued cooperation of certain debt holders and regulatory
authorities with respect to extensions of our 2006 filing deadlines; the
development of the most efficient tax structure for the Company; and the payment
of special interest due to our failure to timely file our SEC reports and the
payment of fees in connection with any related waivers or amendments to our
principal debt agreements. The above list of factors is not exhaustive. Other
important risk factors are included 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, and may be discussed in subsequent filings with the SEC. Further, 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.


Attachments:
A) Description of Regional Income and Reconciliation to Earnings Before
Taxes
B) Description of Free Cash Flow and Reconciliation to Net Cash Provided
by Operating Activities

Attachment A

Description of Regional Income

Due in part to the regional nature of supply and demand of aluminum rolled
products and in order to best serve our customers, we manage our activities on
the basis of geographical areas and are organized under four operating segments.
The operating segments are Novelis North America (NNA), Novelis Europe (NE),
Novelis Asia (NA) and Novelis South America (NSA).

We measure the profitability and financial performance of our operating
segments based on Regional Income, in accordance with FASB Statement No. 131,
Disclosure About the Segments of an Enterprise and Related Information. Regional
Income provides a measure of our underlying regional segment results that is in
line with our portfolio approach to risk management. We define Regional Income
as income before (a) interest expense and amortization of debt issuance costs;
(b) unrealized gains and losses due to changes in the fair market value of
derivative instruments; (c) depreciation and amortization; (d) impairment
charges on long-lived assets; (e) minority interests' share; (f) adjustments to
reconcile our proportional share of Regional Income from non-consolidated
affiliates to income as determined on the equity method of accounting
(proportional share to equity accounting adjustments); (g) restructuring
(charges) recoveries -- net; (h) gains or losses on disposals of fixed assets
and businesses; (i) corporate selling, general and administrative expenses: (j)
gains and losses on corporate derivative instruments and exchange items; (k)
litigation settlement -- net of insurance recoveries; (l) provision for taxes on
income; and (m) cumulative effect of accounting change -- net of tax.

Reconciliation of Regional Income to Earnings Before Taxes

2006 2006 2007 2007
Low High Low High
Estimate Estimate Estimate Estimate
-------- -------- -------- --------
Total Regional Income 480 498 575 625
Corporate Costs (120) (110) (80) (70)
Interest expense &
amortization of debt
discounts & fees (204) (204) (180) (175)
Unrealized gains due to
changes in the fair value
of derivatives (131) (131) - -
Depreciation & amortization (238) (238) (235) (235)
Litigation settlement -- net
of insurance recoveries - - - -
Impairment charges on long
lived assets - - - -
Adjustment to eliminate
proportional consolidation (45) (45) (45) (45)
Restructuring charges (13) (10) - -
Gain (loss) on disposal of
fixed assets & businesses (14) - - -
Gains on corporate
derivative instruments &
exchange items - - - -
Income before provision for
taxes on income (loss) &
minority interests' share
(Earnings Before Tax) (285) (240) 35 100


Attachment B

Description of Free Cash Flow

Free cash flow (which is a non-GAAP measure) consists of (a) Net cash
provided by operating activities; (b) less dividends and capital expenditures;
(c) less premiums paid to purchase derivative instruments; and (d) net proceeds
from settlement of derivative instruments. Dividends include those paid by our
less than wholly-owned subsidiaries to their minority shareholders and dividends
paid by us to our common shareholders. Management believes that free cash flow
is relevant to investors as it provides a measure of the cash generated
internally that is available for debt service and other value creation
opportunities. However, free cash flow does not necessarily represent cash
available for discretionary activities, as certain debt service obligations must
be funded out of free cash flow. We believe the line on our condensed
consolidated and combined statement of cash flows entitled "Net cash provided by
operating activities" is the most directly comparable measure to free cash flow.
Our method of calculating free cash flow may not be consistent with that of
other companies.

Reconciliation of Net Cash Provided By Operating Activities to Free Cash
Flow

2006 2006 2007 2007
Low High Low High
Estimate Estimate Estimate Estimate
-------- -------- -------- --------
Net cash provided by
operating activities 108 136 315 350
Dividends (31) (31) (10) (10)
Capital Expenditures (115) (110) (175) (165)
Premiums paid to
purchase derivative
instruments (2) (5) - -
Net proceeds from
settlement of
derivative instruments 190 210 20 25
Free Cash Flow 150 200 150 200

SOURCE Novelis Inc.
-0- 09/29/2006
/CONTACT: Media, Charles Belbin, +1-404-814-4260, or
charles.belbin@novelis.com, or Investors, Eric Harris, +1-404-814-4304, or
eric.harris@novelis.com, both of Novelis Inc./
/First Call Analyst: /
/FCMN Contact: charles.belbin@novelis.com /
/Web site: http://www.novelis.com /
(NVL)