Downstream weekly recap: Novelis won the '2022 Supplier of the Year' award; Golkonda Aluminium Extrusions reports a 52% decline in net profit for Q3 FY23
Apart from the Q3FY23 results from companies like Bharat Forge Golkonda Aluminium, the industry also recorded two special award-winning moments. On February 3, 2023, Hyundai Motor Group presented Novelis with the "2022 Supplier of the Year" award at the company's annual "Partnership Day" event in South Korea. ElvalHalcor, the sole Greek manufacturer of flat-rolled aluminium products, secured second place at the "Business Awards HRIMA 2022," held on February 10, 2023. Under the market scenario, Bharat Forge, an Indian multinational company that produces automotive components and engages in forging, reported an EBITDA loss of INR 62 crore in the December quarter (Q3FY23) due to problems with new products associated with the expansion of aluminium forging capacity in Germany and the United States. For the quarter that ended on December 31, 2022, Golkonda Aluminium Extrusions Ltd, previously Alumeco India Extrusions Ltd, reported a total income of INR 0.106 crores, down from INR 0.224 crores for the quarter that ended on September 30, 2022.
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On February 7, 2023, the world's leading sustainable aluminium solutions provider and leader in aluminium rolling and recycling, Novelis, announced that it received the '2022 Supplier of the Year' award from Hyundai Motor Group at the auto maker's annual 'Partnership Day' held in South Korea on February 3.
To know more: https://www.alcircle.com/news/novelis-won-the-2022-supplier-of-the-year-award-from-hyundai-motor-group-89966
On February 10, 2023, the only Greek producer of flat-rolled aluminium products, ElvalHalcor, received 2nd place in the "Best Company" category award during the Award Ceremony of the "Business Awards HRIMA 2022". As a result, it has reaffirmed its distinct position among companies that support the Greek economy and contribute to the growth of the Stock Exchange market.
The Indian multi-national company involved in the forging and automotive components manufacturing, Bharat Forge's overseas business posted an EBITDA loss of INR 62 crore in the December quarter (Q3FY23) on new product issues related to the capacity increase of aluminium forging capacity in Germany and the United States.
Golkonda Aluminium Extrusions Ltd, formerly known as Alumeco India Extrusions, has reported a total income of INR 0.106 crores during the quarter ended December 31, 2022, compared to INR 0.224 crores during the quarter ended September 30, 2022.
To know more: https://www.alcircle.com/news/golkonda-aluminium-extrusions-reports-a-52-decline-in-net-profit-for-q3-fy23-89965
The use of giant aluminium die-casting machines, such as those made by Tesla supplier IDRA Group, can reduce manufacturing costs by up to 40 per cent by replacing around 60 welded components. Massive casting equipment, commonly called Gigapresses, was invented by Tesla to produce single, enormous pieces of vehicle underbodies, expedite production, and lighten the workload of even robots.
To know more: https://www.alcircle.com/news/gigantic-aluminium-die-casting-machines-help-carmakers-save-costs-up-to-40-89964
Shanghai Metals Market reported, based on CCTV news and CCTV international news, that although the catastrophic earthquake in Turkey brought devastating effects, including 5,894 people killed in Turkey and 1,832 in Syria, it barely disrupted the local aluminium industry.
To know more: https://www.alcircle.com/news/smm-finds-turkeys-local-aluminium-industry-chain-unaffected-by-the-catastrophic-earthquake-89969
To ensure a sustainable and consistent supply of Rio Tinto's Responsible Aluminium products to Japanese downstream manufacturers, global miner Rio Tinto and Japanese trader and business conglomerate Marubeni Corporation have agreed to the first sale under the new strategic Collaboration Agreement.
To know more: https://www.alcircle.com/news/rio-tinto-and-marubeni-team-up-to-strengthen-downstream-aluminium-supply-chains-90992
Taural India, located in Pune, Maharashtra founded by a young entrepreneur Bharat Gite in 2016 to create aluminium casting solutions that could replace imported products in the sectors like defence, energy, healthcare, railways, and aerospace.
To know more: https://www.alcircle.com/news/aluminium-casting-solutions-from-taural-india-may-replace-imports-for-vital-sectors-89995
Golden Aluminum Inc.'s recycling-based aluminium rolling mill in Fort Lupton, Colorado, USA, received the ASI Chain of Custody (CoC) Standard V1 (2017) Certification. The certification covers rolling, finishing, and coil coating activities, processes, and procedures. It also includes its block casting technique.
ALG Aluminium Inc. (ALG), a modern state-owned joint stock company invested in and controlled by Guangxi Investment Group Co., Ltd., has reportedly received ASI Performance Standard Certification for manufacturing aluminium alloy products at a facility in Nanning, China.
The partners of DADA Holdings, LLC, announced that their affiliate, Niche European Holdings, LLC, had acquired a controlling stake in Niche Fusina Rolled Products S.r.l., which operates an aluminium rolling mill and related facilities in Fusina, Italy, just outside of Venice.
To know more: https://www.alcircle.com/news/dada-holdings-acquires-majority-stake-in-italys-niche-fusina-rolled-products-89982
The ferroalloy smelting plant of the vertically integrated manganese and silicone metal company OM Holdings Ltd (OMH) in Malaysia’s Samalaju Industrial Park, Bintulu, will incorporate higher value-added silicon metal.
From January 2023, the exclusive partnership between Nordmann UK and Toyal Europe for aluminium effect pigments distribution in the UK and Irish markets came into effect. The Toyal Group, an international production and supply chain with its headquarters in Japan, established by Toyo Aluminium K.K., includes Toyal Europe.
BorgWarner has declared recently that the company will supply a prime order of aluminium cooling plates used in battery making to a leading German automobile provider. This delivery of aluminium cooling plates would be done to the German carmaker's European and US manufacturing units, where they'll be used for creating batteries for the company's patented electronic vehicles.
To know more: https://www.alcircle.com/news/borgwarner-receives-aluminium-cooling-plates-supply-deal-from-german-automaker-89974
Shanghai Metals Market survey found the average operating rate in the aluminium wire and cable sector dropped 5.9 percentage points month-on-month and 0.6 percentage point year-on-year to 34.4 per cent in January 2023.
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