EXHIBIT 99.1

Exhibit 99.1

NOVELIS REPORTS THIRD QUARTER 2006 FINANCIAL RESULTS

- Company Resumes Normal Financial Reporting Schedule

- Incurs Net Loss of $102 Million Consistent With Previous Guidance

- Reduces Debt by $37 Million

ATLANTA, Nov. 14 /PRNewswire-FirstCall/ -- Novelis Inc. (NYSE: NVL)
(TSX: NVL) today reported its financial results for the third quarter ended
September 30, 2006, which were in line with the Company's previous full-year
financial guidance.

Novelis incurred a net loss of $102 million for the third quarter of 2006,
or $(1.38) per share, on net sales of $2.5 billion, compared with net income of
$10 million, or $0.14 per share, on net sales of $2.1 billion for the third
quarter of 2005. For the nine months ended September 30, 2006, Novelis incurred
a net loss of $170 million, or $(2.30) per share, on net sales of $7.4 billion,
compared with net income of $32 million, or $0.43 per share, on net sales of
$6.3 billion for the same period of 2005.

During the third quarter, the Company paid down debt by $37 million,
bringing its total debt reduction for the first nine months of 2006 to $184
million, which exceeds its principal payment obligations. Novelis has reduced
its debt by $505 million since its spin-off in January 2005. Cash and cash
equivalents as of September 30, 2006, were $71 million.

Total rolled product shipments increased to 737 kilotonnes in the third
quarter of 2006 from 725 kilotonnes in the third quarter of 2005. For the nine
months ended September 30, 2006, total rolled products shipments increased
approximately 3 percent to 2,231 kilotonnes from 2,168 kilotonnes for the
corresponding period of 2005.

The net loss for the third quarter includes an income tax benefit of $52
million while the net loss for the nine months ended September 30, 2006,
includes income tax expense of $30 million. Year-to-date income tax expense
differs from the benefit at the Canadian statutory rate due primarily to
increases in valuation allowances and pre-tax foreign currency gains or losses
with no tax effect and the tax effect of foreign currency gains or losses with
no pre-tax effect. As previously disclosed, based on its estimated pre-tax loss,
the Company expects to record an income tax benefit for the second half of the
year. Cash taxes paid during the third quarter and nine months ended September
30, 2006, were $5 million and $24 million, respectively.


As previously reported, Novelis' earnings in 2006 have been adversely
affected by higher metal prices that the Company is unable to pass through to
certain customers as a result of metal price ceilings on a portion of the
Company's can sheet sales in North America. Year to date, this impact was
partially offset by the increase in fair value of certain of the Company's
derivative instruments. Additional items adversely affecting earnings include
higher energy and transportation costs; the adverse effects of currency exchange
rates; and expenses related to the Company's restatement and review process,
delayed financial reporting and continued reliance on third-party consultants to
support its financial reporting requirements.

"We believe that the timely filing of our third-quarter financial results
illustrates the progress we are making to transform Novelis into a disciplined,
shareholder-focused company," said William T. Monahan, Chairman and Interim
Chief Executive Officer. "In addition, our operations and market position remain
strong, which we expect will enable us to continue to deliver on our commitment
to reduce debt."

The Company reiterated the financial guidance that it provided on its
investor conference call on September 29, 2006. The presentation slides from
that call are archived on the Novelis website at www.novelis.com.

In addition, Novelis announced that it has concluded its previously
announced exploration of divestment options for its upstream mining, energy and
smelting related assets in Brazil. As reported, the Company has sold its
interest in Petrocoque S.A. Industria e Comercio, a producer of calcined
petroleum coke, and transferred certain hydroelectric development rights. At
this time, the Company intends to retain its remaining upstream assets in
Brazil.

The Company also noted that it held its annual meeting of shareholders on
October 26, 2006, during which the shareholders elected all nominees proposed at
the meeting for election to the Board of Directors, approved the appointment of
PricewaterhouseCoopers LLP as the Company's independent registered public
accounting firm for the fiscal year ending December 31, 2006, and approved the
Novelis 2006 Incentive Plan.

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 include statements
preceded by, followed by, or including the words "believes," "expects,"
"anticipates," "plans," "estimates," "projects," "forecasts," or similar
expressions. Examples of such statements in this news release include, among
other matters, references to our guidance for the remainder of 2006 and 2007,
our plans to continue to reduce our outstanding indebtedness, our expectation to
record an income tax benefit for the second half of the year, and our plans to
retain our remaining upstream assets in Brazil. 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. 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 materials and 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 metal 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, environmental
remediation and clean-up costs, 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 value of derivative
instruments; 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 taxes, 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 development of the most efficient tax structure for
the Company; and the payment of special interest due to our failure to complete
the exchange offer for our Senior Notes. 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 as amended, 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, as amended, are specifically
incorporated by reference into this news release.

SOURCE Novelis Inc.
-0- 11/14/2006
/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 /