Novelis to Build New $50 Million Recycling and Casting Center in South Korea to Expand Low-Carbon Aluminum Production

Novelis Inc., the world leader in aluminum rolling and recycling, today announced that it will invest approximately $50 million to build a recycling center at its Ulsan Aluminum joint venture in South Korea. Fully funded by Novelis, the Ulsan Recycling Center will have an annual casting capacity of 100 kilotonnes of low-carbon sheet ingot. Once online, we expect the recycling center to reduce the company's carbon emissions by more than 420,000 tons each year.

"This latest capital investment in recycling is another example of our company purpose of 'Shaping a Sustainable World Together' in action,'" said Pierre Labat, Senior Vice President, Chief Strategy and Sustainability Officer, Novelis Inc. "I am excited by the actions Novelis is taking to increase aluminum recycling worldwide and the benefits this will have for our customers and in making aluminum the preferred material for all the markets Novelis serves."

Novelis, which already operates Asia's largest aluminum recycling center in Yeongju, South Korea, as well as the world's largest aluminum recycling center in Nachterstedt, Germany, is making this investment in additional recycling capacity to meet the growing global demand for sustainable aluminum products. In January, the company also announced it would build a new U.S. recycling center in Guthrie, Kentucky. Using recycled aluminum as input material requires only 5 percent of the energy used to make primary aluminum, thus avoiding 95 percent of the carbon emissions associated with production.

Construction of the Ulsan Recycling Center is expected to begin in October, with commissioning expected in early 2024.

"The establishment of the Ulsan Aluminum Recycling Center is an important investment to help us achieve our ambition of becoming the world's leading provider of sustainable, low-carbon aluminum solutions," said Sachin Satpute, Executive Vice President, Novelis, and President, Novelis Asia. "By increasing the use of recycled content, we are committed to reducing our carbon footprint as well as that of our customers and the broader industry, and accelerating aluminum's transition to a fully circular economy."

Shares of Hindalco Industries Limited was last trading in BSE at Rs. 511.95 as compared to the previous close of Rs. 530.00. The total number of shares traded during the day was 231079 in over 5017 trades.

The stock hit an intraday high of Rs. 528.95 and intraday low of 511.00. The net turnover during the day was Rs. 119776409.00.

Source : Equity Bulls

Keywords

HindalcoIndustries INE038A01020 Novelis UlsanAluminum JV SouthKorea