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Aluminum August 07, 2018 01:30:15 PM

Aleris Reports Strong Operational Results in Q2 2018

Paul Ploumis
ScrapMonster Author
The Europe segment income surged from $35 million to $42 million in Q2 this year when matched with the year before.

Aleris Reports Strong Operational Results in Q2 2018

SEATTLE (Scrap Monster): Cleveland, Ohio-based Aleris Corporation reported results for the quarter and half year ending June 30, 2018. The company reported adjusted EBITDA of $85 million, up from $66 million in the corresponding quarter last year. The improved performance was mainly on account of strong demand, operating performance and favorable metal environment in North America. Europe too reported improved operating performance during Q2 this year.

The recent multi-year supply agreements led to significant jump in automotive shipments. The ramp up in demand from global automotive sector and North American building and construction sector too contributed to higher volumes. The North America distribution volumes too increased during the quarter. The improved operating performance more than offset the labor cost inflation and rising freight costs.

The Europe segment income surged from $35 million to $42 million in Q2 this year when matched with the year before. The adjusted EBITDA registered marginal decline from $35 million to $34 million. The rise in automotive volumes was partially offset by weak product mix. Also, continued supply chain destocking impacted aerospace volumes. Meantime, the Asia Pacific segment income rose from $4 million in Q2 2017 to $7 million in the second quarter of 2018.

Aleris hoped that the acquisition of the company by Novelis is expected to close in the next 9-15 months.  It must be noted that a definitive agreement was signed between both the parties after the end of the quarter.

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