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Aluminum November 08, 2019 08:30:13 AM

Novelis Boosts Shipments to New Record in Q2 Fiscal 2020

Paul Ploumis
ScrapMonster Author
The company reported net income attributable to its common shareholder of $123 million, compared to $116 million a year before.
Novelis Boosts Shipments to New Record in Q2 Fiscal 2020

SEATTLE (Scrap Monster): Atlanta-headquartered Novelis Inc.- the global leader in aluminium rolling and recycling announced second quarter fiscal year 2020 financial results. The outstanding operational performance helped the company deliver strong financials and record high shipments during the quarter.

The company reported net income attributable to its common shareholder of $123 million, compared to $116 million a year before. The adjusted EBITDA surged higher by 5% over the previous year to $374 million in Q2 of fiscal 2020. The adjusted EBITDA per ton was $448 during the quarter. Lower LME average aluminium prices and local market premiums dragged the net sales by 9% to $2.9billion. The flat rolled product shipments recorded 3% surge to total 835 kilotonnes. Novelis’ quarterly free cash flow totalled $112 million.

ALSO READ: Novelis Launches New Innovation Hub at Georgia Tech, Atlanta

On Aleris acquisition, the company noted that it continues to work closely with the Chinese regulatory authorities for their approval. Novelis expects to close the transaction by January 21, 2020. Also, the company announced that the previously announced expansion projects in the U.S., China and Brazil are very much in track.

Steve Fisher, President and CEO, Novelis Inc. stated that the outstanding operational performance led to record shipments and strong financials. The company reported excellent progress on its strategic growth initiatives. The recent decision by the company to invest in boosting recycling capacity at Greensboro, Georgia facility will further accelerate its efforts in building a more sustainable world.