US aluminum rolling mill and recycler Novelis, part of India’s Hindalco Group, shipped 973,000mt of aluminum products in Q1 FY2022 (ending June 31, 2021), up 26pc from 774,000mt in Q1 FY2021.
Steve Fischer, chief executive officer at Novelis, said that the company sees automotive production ramping up in both the US and China, two of the biggest markets for its rolled and structural products It expects strong mid- to long-term growth, owing to this trend. The company will continue to focus on low-carbon products and its sustainability goals to be carbon neutral by 2050.
Net sales rose by 59pc to $3.9bn in Q1 FY2022, compared to $2.4bn in the same period last year. Novelis said that the surge in revenue was due to better shipment rates, a favorable product mix as well as higher terminal prices for aluminum. It posted a net income of $240mn in Q1 against a net loss of $79mn in the prior-year quarter.