Seoul, (ANTARA News/PRNewswire-AsiaNet) - Novelis Korea Limited announced today the completion of a $30 million expansion of its aluminum rolling mill in Yeongju, South Korea.
The expansion, which required two years to complete, included the addition of a fourth stand on the plant's continuous hot rolling mill along with enhancements to the plant's cold rolling mill, coating line and associated finishing equipment.
"The Yeongju expansion increases our ability to serve our customers in Asia with superior aluminum sheet products," said Martha Brooks, president and chief operating officer of the parent company, Novelis Inc. "The investment is a key step in executing our business strategy to enhance our high-value product portfolio in one of the fastest growing regions in the world."
Novelis is the leading supplier of aluminum sheet in South Korea, China and Southeast Asia. The company's subsidiaries in the region shipped a combined total of 515 kilotonnes of aluminum products in 2007. Novelis expects the Yeongju expansion to further increase its aluminum rolling capacity by approximately 100 kilotonnes annually.
Last November, Novelis Korea received the Republic of Korea's Export Tower award for exceeding US$1 billion in exports in 2007. Tom Walpole, president of Novelis Korea, received a Silver Tower Industrial Medal from President Roh Moo-hyun for his contribution to the nation's exports.
"The Yeongju investment allows us to further expand our capability in sheet for high-value applications such as beverage cans, electronics and transportation markets," said Jacquie Bartlett, vice president sales and marketing for Novelis Korea. "These products have the highest quality requirements in the business. Our market leadership is a tribute to the high performance of our people, our assets and our technology."
Novelis Korea Limited is a joint venture of Novelis Inc. (68%), Taihan Electric Wire Co. Ltd. (31%), and the Hyundai Group (1%). Novelis Korea employs more than 1,200 employees in the production of a broad range of high-end aluminum rolled products. For more information on Novelis Korea Limited, visit www.novelis.co.kr
Novelis Inc. is the global leader in aluminum rolled products and aluminum can recycling. The company operates in 11 countries, employs approximately 12,900 people and reports annual revenues of more than $11 billion. Novelis supplies premium aluminum 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, Asia's largest integrated producer of aluminum and a leading copper producer. Hindalco is the flagship company of the Aditya Birla Group, a multinational conglomerate based in Mumbai, India. For more information on Novelis, visit www.novelis.com
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 those regarding our expectations for increased production capacity and an enhanced product portfolio. 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 Novelis are included under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2006, as amended and filed with the United States Securities and Exchange Commission (SEC), and are specifically incorporated by reference into this news release.
SOURCE: Novelis Korea Limited
CONTACT: Pat Persico of Novelis Inc.,
+1-440-423-6522,
cell: +1-440-725-9148,
pat.persico@novelis.com; or
SooHyun Oh of Novelis Korea Limited,
+82-2-2259-1626,
cell: +82-10-9731-0417,
soohyun.oh@novelis.com
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Web site: http://www.novelis.co.kr
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