Downstream weekly: Vedanta augments smelter production as Novelis records 27% less income in 4Q 2023
The downstream sector has seen temporal waves this week, with the Zurich Cantonal Bank lowering its stake in Kaiser Aluminium Co. by 28.8 per cent in 4Q 2022 and Novelis marking a 27% fall in FY 4Q 2023. SRF, the Indian multi-business chemical conglomerate, announced the construction of an aluminium foil plant which will cost INR 425 crore. Some of the upcoming events of the industry are going to take place in Africa and Ireland. The former will host the Equipment and Manufacturing West Africa Expo, while the latter will oversee the Ireland 2023 Exhibition in Limerick. In these global events, various aluminium items and jobs would be displayed.
Foundry Ecocer, the market leader in producing and selling products and machinery for the metallurgical treatments of non-ferrous alloys, has already started a process of reducing its environmental impact a long ago, starting to use self-produced photovoltaic energy in 2008.
To know more: https://www.alcircle.com/press-release/foundry-ecocer-driving-towards-zero-emissions-93822
The Equipment and Manufacturing West Africa Expo is a unique platform bringing together influential decision-makers, innovators, and suppliers from the region and beyond. The event allows attendees to network with 4000 industry peers and find the ideal products and solutions from local and international exhibitors.
Vedanta Aluminium is reportedly increasing production at its smelters in Jharsuguda (Odisha) and Korba (Chhattisgarh) to widen its product lines and diversify product mix to cater to sunrise sectors like high-tech manufacturing, electric vehicles, green building, renewable energy, and battery technologies.
To know more: https://www.alcircle.com/news/vedanta-strives-to-meet-aluminium-demand-in-sunrise-sectors-by-enhancing-its-product-lines-94854
According to a report on Monday, May 8, Zurich Cantonal Bank reduced its shareholding in Kaiser Aluminium Co. by 28.8 per cent in the fourth quarter. As per the disclosure with the Securities and Exchange Commission, the bank shed off 743 shares during the said quarter and owned 1,835 shares of Kaiser worth $139,000.
To know more: https://www.alcircle.com/news/zurich-cantonal-bank-sheds-off-29-shares-in-kaiser-aluminium-93828
Novelis, the world’s leading flat-rolled aluminium producer and aluminium recycler, announced its fourth quarter and full year results of FY2022-23 ended March 31. The company noted that its net income attributable to common shareholders in Q4 FY2023 was $156 million, down by 27 per cent from $215 million a year ago.
Sagar Asia Private Limited, the Hyderabad-based family-owned aluminium engineering firm, has gained a strong reputation in India in the past few years as a household brand product. The company now offers four business lines, all related to climbing and access.
SRF, the Indian multi-business chemical conglomerate, announced that its board of directors has decided to establish a new facility that would include SRF Altech Limited, a wholly-owned subsidiary of the firm. The new factory, expected to cost INR 425 crore, would produce aluminium foil.
To know more: https://www.alcircle.com/news/srf-to-invest-inr-530-crores-for-its-upcoming-aluminium-foil-manufacturing-unit-93839
Mills CNC will be featuring one of their most popular simultaneous 5-axis machining tools at the Manufacturing Solutions – Ireland 2023 Exhibition in Limerick on June 14-15. The DVF 5000 can accurately manufacture aluminium components with the use of metal powder.
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