ZURICH, March 30, 2011 /PRNewswire/ --
Novelis today announced that it is increasing the prices of the speciality sheet products that it sells to European distribution and industrial customers. The company's fabrication charge will increase by up to 120 Euros per tonne, depending on the product.
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The price change is effective immediately for all new orders booked and for all shipments on or after July 1, 2011. Orders currently under a fixed contract are not affected by this announcement.
"This increase reflects the prevailing tight supply situation and strong demand," said Tadeu Nardocci, senior vice president of Novelis Inc. and president of Novelis Europe. "Furthermore, due to the overall market background combined with the general upward trend in metal costs and premiums, we continue to tighten our payment and other commercial terms."
Novelis is the leading supplier of high quality aluminium sheet to the European market.
Statements made in this news release which describe Novelis' intentions, expectations or predictions may be forward-looking statements within the meaning of securities laws. Examples of forward-looking statements in this news release include Novelis' expectations regarding the amount of the fabrication charge increase. Novelis cautions that, by their nature, forward-looking statements involve risk and uncertainty. 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. Important risk factors which could impact outcomes are included under the caption "Risk Factors" in our Form S-4 filed with the Securities and Exchange Commission on February 11, 2011.
Novelis Inc. is the global leader in aluminium rolled products and aluminium can recycling. The company operates in 11 countries, has approximately 11,600 employees and reported revenue of $8.7 billion in its 2010 fiscal year. Novelis supplies premium aluminium sheet and foil products to automotive, transportation, packaging, construction, industrial and printing markets throughout North America, South America, Europe and Asia. Novelis is a subsidiary of Hindalco Industries Limited (BSE: HINDALCO), one of Asia's largest integrated producers of aluminium and a leading copper producer. Hindalco is a flagship company of the Aditya Birla Group, a multinational conglomerate based in Mumbai, India. For more information, please visit http://www.novelis.com.
SOURCE Novelis Inc.