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Novelis Inc. posted its third-quarter financial 2023 results. According to the data, net income attributable to its common shareholders decreased from the prior year by 95% to $12 million, principally because adjusted EBITDA was lower, and there was a negative metal price lag caused by the current year's dropping local market premiums for aluminium. The Japanese partner Kosei's remaining 22.64 per cent stake in the joint venture business Minda Kosei Aluminium Wheels would be purchased by the Gurgaon-based Uno Minda Group for INR 115.5 crore. The development of a 12 mm aluminium wire rod for the electrical sector was announced by Vedanta Aluminium on Thursday, February 9, at its inaugural International Aluminium Conference (IAC) 2023. According to the company's announcement, the sale of Constellium's Ussel foundry to French Investment Holding Noe Industries was finalised on February 3, 2023.
On February 3, 2023, Constellium announced the completion of the sale of its Ussel foundry to French Investment Holding Noe Industries. Among its many markets and applications, Constellium develops innovative and value-added aluminium products for aerospace, automotive, and packaging. Constellium generated a total of €6.2 billion in 2021.
To know more: https://www.alcircle.com/news/constellium-sells-its-ussel-foundry-to-noe-industries-89887
On January 31, 2023, the US Customs and Border Protection began issuing "detention notices" for such products, which the Danish shipping company, active in ocean and inland freight transportation and associated services, A.P. Møller – Mærsk A/S said on its website that the action would most likely target aluminium used in automotive parts.
To know more: https://www.alcircle.com/news/us-detains-chinese-aluminium-believed-to-be-the-result-of-forced-labour-89895
On Thursday, February 9, Vedanta Aluminium grabbed the opportunity at its first International Aluminium Conference (IAC) 2023 to have announced the launch of a 12 mm aluminium wire rod for the electrical industry.
To know more: https://www.alcircle.com/news/vedanta-aluminium-expands-its-wire-rod-offerings-at-iac-2023-with-the-new-12-mm-version-89950
The Gurgaon-based Uno Minda Group announced plans to invest INR 115.5 crore to buy out its Japanese partner Kosei's remaining 22.64 per cent ownership in its joint venture company, Minda Kosei Aluminium Wheels.
To know more: https://www.alcircle.com/news/uno-minda-to-acquire-the-remaining-22-64-ownership-of-minda-kosei-aluminium-wheels-89951
Novelis Inc., a top provider of sustainable aluminium solutions and a global pioneer in the rolling and recycling of aluminium, released its third-quarter financial 2023 results. Net income from continuing operations during the third quarter of the fiscal year 2023 (FY2023) plunged by 60 per cent Y-o-Y to $96 million after excluding exceptional items in both years, principally because of lower adjusted EBITDA.
To know more: https://www.alcircle.com/news/novelis-net-sales-fall-to-4-2-billion-in-3qfy23-due-to-2-drop-in-shipments-89925
MAAN Aluminium, an India-based aluminium products manufacturer and seller, announced its third quarter results that ended December 31, FY2023, reporting net sales of INR 189.62 crore versus INR 188.20 crore in the September quarter.
To know more: https://www.alcircle.com/news/maan-aluminium-records-257-y-o-y-hike-in-net-profit-for-3qfy23-89899
The rising demand for large SUVs and pickup trucks has instigated General Motors' (GM) long-term decision to continue purchasing raw metal for their flagship cars' framework, like that of the Chevrolet Colorado and GMC Canyon. In 2021, GM claimed to have invested US$46.5 million to enhance its Parma Metal Center for increased aluminium-related activities.
To know more: https://www.alcircle.com/news/gms-parma-plant-gets-us46-million-worth-aluminium-specific-upgrades-for-rising-ev-demand-89940
On February 1, Aluminium Stewardship Initiative certified Binzhou Hongzhan Aluminium Technology Co., Ltd., a subsidiary operation of China Hongqiao Group Co., Ltd., against its Performance Standard V2 (2017) for the research & development, and production and sales of aluminium alloy rolled products.
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