Novelis:

Novelis to Host Fourth Quarter and Fiscal Year 2012 Earnings Conference Call on Thursday, May 24

Thu, 17 May 2012 11:04:36 -0400

ATLANTA, May 17, 2012 /PRNewswire/ -- Novelis Inc. will report its earnings for the fourth quarter and fiscal year 2012 on Thursday, May 24, 2012. Following the release, President and Chief Executive Officer Philip Martens and Chief Financial Officer Steve Fisher will discuss the results via a live web and audio conference call for investors at 9:00 a.m. EDT the same day.

The audio portion of the meeting will be available via telephone at:
U.S. and Canada Toll-Free Number: 800 926 7535
India Toll-Free Number: 0008001007108
International Toll Number: +1 212 231 2935

The presentation slides will be provided live via the web at:
https://cc.callinfo.com/r/13a9zldcifocb

Participants should access the conference 15 minutes in advance of the start time to complete the registration process.

To test the compatibility of your browser and network connections in advance, please visit: http://test.callinfo.com

Following the meeting, the webcast will be available for replay at www.novelis.com/investors.

About Novelis
Novelis Inc. is the global leader in aluminum rolled products and aluminum can recycling. The Company operates in 11 countries, has nearly 11,000 employees and reported revenue of $10.6 billion in fiscal year 2011. Novelis supplies premium aluminum sheet and foil products to automotive, transportation, packaging, construction, industrial, electronics and printing markets throughout North America, Europe, Asia, and South America. Novelis is a subsidiary of Hindalco Industries Limited (BSE: HINDALCO), one of Asia's largest integrated producers of aluminum and a leading copper producer. Hindalco is a flagship company of the Aditya Birla Group, a multinational conglomerate based in Mumbai, India. For more information, please visit www.novelis.com.

SOURCE Novelis Inc.

Novelis Announces New Leadership Appointments

Fri, 20 Apr 2012 15:16:23 -0400

-- Jack Clark named Chief Technical Officer

-- Shashi Maudgal named SVP and President, Novelis Asia

-- Tom Boney named Managing Director, Aluminium Company of Malaysia

ATLANTA, April 20, 2012 /PRNewswire/ -- Novelis Inc., the world's leading producer of premium aluminum rolled products, announced today three leadership moves that will further drive the company's growth strategy. Jack Clark has been appointed Chief Technical Officer; Shashi Maudgal has been appointed Senior Vice President and President of Novelis Asia; and Tom Boney has been named Managing Director of Aluminium Company of Malaysia Berhad (ALCOM), a Novelis subsidiary.

Jack Clark has assumed the role of Chief Technical Officer, a new position within Novelis. With the mission to drive the Novelis strategy of innovation, technology and engineering excellence in products and processes, Clark will lead a team focused on delivering world-class performance in operations, engineering, research and development, and environment, health and safety (EHS).

Clark was previously Vice President, Operational Excellence, for Novelis and was interim leader for the company's Global Manufacturing Services. He has more than 30 years of industry experience and, prior to joining Novelis in 2010, held roles of increasing responsibility with Alcoa Inc. in North America and Europe, culminating in his role as Vice President of Operations for Alcoa China Rolled Products.

"Jack's extensive engineering, manufacturing and leadership experience will further strengthen Novelis' position as the world leader in aluminum rolling and recycling," said Martens. "As Novelis continues to focus on premium products for the beverage can, automotive and high-end specialties businesses, Jack's appointment strengthens our commitment to leading the industry in innovation and technology."

Shashi Maudgal will join Novelis May 14, 2012, as Senior Vice President and President, Novelis Asia. Maudgal is currently Chief Marketing Officer for Hindalco Industries Limited, an Aditya Birla Group company. He will be confirmed as an executive officer of Novelis at the next Board of Directors meeting.

"Shashi brings a wealth of experience to Novelis," said Philip Martens, Novelis President and CEO. "As a recognized leader in the Aditya Birla Group, and with a combination of sales, marketing and general management skills, he will provide sound leadership as we grow our business in Asia. With our recent announcement to build our first manufacturing plant in China, and our Korea expansion under way, Shashi joins us at a very exciting time. We believe the demand for aluminum in beverage cans, automobiles and specialty products in Asia will more than double by 2020."

During his tenure at Hindalco, Maudgal built and led the company's marketing department, led the European due diligence process during the acquisition of Novelis in 2007, and served as a member of the executive leadership team in setting strategic direction. In addition, he is a member of the Aditya Birla Group's Business Review Councils for Grasim Viscose Fiber and Ultratech's Birla White Cement.

Tom Boney will assume his new role as Managing Director of ALCOM, effective June 1, 2012. A publicly traded company, ALCOM is a subsidiary of Novelis and is Malaysia's largest manufacturer of aluminum products. As the company's most senior executive, Boney will be responsible for all functions, including sales, marketing, human resources, finance, legal and operations. He will also serve on the ALCOM Board of Directors as Executive Director.

Boney was previously Vice President and General Manager, Can, Novelis North America. He joined Novelis in 2006 as Plant Manager, Oswego Works, and has held management positions in North America and Europe.

"During his tenure, Tom has served in operations, commercial and corporate roles," said Martens. "His experience in operations and as a general manager has prepared him well to assume this leadership role for a growing market area within Novelis."

About Novelis

Novelis Inc. is the global leader in aluminum rolled products and aluminum can recycling. The company operates in 11 countries, has nearly 11,000 employees and reported revenue of $10.6 billion in fiscal year 2011. Novelis supplies premium aluminum sheet and foil products to automotive, transportation, packaging, construction, industrial, electronics and printing markets throughout North America, Europe, Asia and South America. Novelis is a subsidiary of Hindalco Industries Limited (BSE: HINDALCO), one of Asia's largest integrated producers of aluminum and a leading copper producer. Hindalco is a flagship company of the Aditya Birla Group, a multinational conglomerate based in Mumbai, India. For more information, visit www.novelis.com and follow us on Twitter at twitter.com/Novelis.

SOURCE Novelis Inc.

Novelis Announces Closure of Saguenay Works Facility

Thu, 12 Apr 2012 09:34:46 -0400

ATLANTA, April 12, 2012 – Novelis has announced that it will close its Saguenay Works facility in Jonquiere, Quebec, Canada. Following a transition period, the plant will cease production in August 2012.

“While the long-term growth potential of Novelis remains strong, we must continue to optimize our footprint to more efficiently support our overall business objectives to drive profitable growth,” said Philip Martens, President and Chief Executive Officer of Novelis.

As a result of a comprehensive review of its manufacturing operations in North America, Novelis has determined that the Saguenay closure is necessary to ensure the organization is well-positioned for the future. This decision is driven by the need to right-size production capacity in North America, along with the ever-increasing logistics costs and structural challenges facing this location.

“This business decision is not a reflection of the dedicated workforce that comprises the Novelis Saguenay Works team – they have been providing the highest levels of product quality and customer service for more than 40 years,” added Tom Walpole, Senior Vice President and President, Novelis North America. “Our priority in the months ahead is to maintain safe operations while we manage the smoothest transition for our workforce, customers and suppliers at Saguenay.”

Saguenay Works is located in Jonquiere, Quebec, Canada and produces hot band aluminum coils for supply to other Novelis plants. The facility opened in 1971 on more than 15 acres and covers more than 150,000 square feet. Novelis employs 157 including staff and production employees at Saguenay Works.

About Novelis

Novelis Inc. is the global leader in aluminum rolled products and aluminum can recycling. The Company operates in 11 countries, has nearly 11,000 employees and reported revenue of $10.6 billion in fiscal year 2011. Novelis supplies premium aluminum sheet and foil products to automotive, transportation, packaging, construction, industrial, electronics and printing markets throughout North America, Europe, Asia, and South America. Novelis is a subsidiary of Hindalco Industries Limited (BSE: HINDALCO), one of Asia's largest integrated producers of aluminum and a leading copper producer. Hindalco is a flagship company of the Aditya Birla Group, a multinational conglomerate based in Mumbai, India. For more information, please visit www.novelis.com.

Forward-Looking Statements

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 Novelis' expectations regarding the date production will cease at the plant. 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 outcomes are included under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended March 31, 2011.

Novelis to Build First Manufacturing Plant in China

Tue, 10 Apr 2012 23:30:00 -0400

Newest Automotive Expansion Provides Unmatched Global Footprint

SHANGHAI, April 10, 2012 /PRNewswire/ -- Novelis Inc., the world's leading producer of premium aluminum rolled products, today signed an agreement with the Changzhou National Hi-Tech District to build the company's first automotive sheet manufacturing facility in China. The agreement, which includes land use rights to more than 160 acres, was signed today at a formal ceremony in Changzhou City in the Jiangsu Province of China.

Novelis is the world's leading producer of rolled aluminum for the global automotive market and the leading provider of aluminum sheet to the rapidly expanding Chinese automobile industry. The wholly owned, $100-million plant will have a capacity of 120,000 metric tons per year and is expected to be commissioned for operation in late 2014.

"The agreement we signed today marks another important milestone in the execution of Novelis' global strategy," said Philip Martens, President and Chief Executive Officer of Novelis. "This latest investment in world-class manufacturing assets further solidifies Novelis' position as the partner-of-choice for global automotive manufacturers seeking to drive fuel efficiency, high performance and innovative design in current and next-generation vehicles. Aluminum is a sustainable choice for automotive customers with its infinite recyclability and low weight that helps reduce vehicle emissions."

Novelis expects demand for aluminum in the global automotive sector to grow at a compound annual rate of 25 percent over the next five years as auto manufacturers look for ways to make their vehicles more fuel efficient. The move into China will position Novelis as the only aluminum sheet supplier capable of serving automotive customers in all major markets of the world. Novelis is the leader in automotive sheet supply in Europe where light-weight aluminum has become a popular alternative to steel for vehicle makers. And, as previously announced, to meet growing demand in North America the company is expanding its footprint there with a $200-million project to increase automotive sheet capacity by 200,000 tons per year.

Located in the heart of the Changzhou National Hi-Tech District, the new site is close to vital rail lines, the Changzhou deep water port on the Yangtze River and other world-class business and commercial infrastructure. The company plans to ship rolled aluminum coils manufactured at its South Korean operations to the new facility in Changzhou for heat treatment and finishing before delivery to automotive customers within China as well as to export markets. Current Novelis auto sheet customers include Audi, BMW, Chrysler, Ferrari, Ford, GM, Hyundai, Jaguar, Land Rover, Mercedes-Benz, Porsche, and Volvo, among others.

"Our intention is to grow our leadership position in the Chinese marketplace," said Erwin Mayr, Senior Vice President and Chief Strategy and Commercial Officer for Novelis. "Within Asia, China will have the highest demand growth for flat-rolled aluminum products. In addition to automotive, we expect Asian demand for aluminum used in beverage cans and consumer electronics to more than double by 2020. This site will allow us to address future expansion opportunities in such premium market sectors."

About Novelis
Novelis Inc. is the global leader in aluminum rolled products and aluminum can recycling. The company operates in 11 countries, has nearly 11,000 employees and reported revenue of $10.6 billion in fiscal year 2011. Novelis supplies premium aluminum sheet and foil products to automotive, transportation, packaging, construction, industrial, electronics and printing markets throughout North America, Europe, Asia and South America. Novelis is a subsidiary of Hindalco Industries Limited (BSE: HINDALCO), one of Asia's largest integrated producers of aluminum and a leading copper producer. Hindalco is a flagship company of the Aditya Birla Group, a multinational conglomerate based in Mumbai, India. For more information, visit www.novelis.com and follow us on Twitter at twitter.com/Novelis.

Forward-Looking Statements
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 anticipated plant capacity and expected aluminum demand growth in Asia. 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 outcomes are included under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended March 31, 2011.

SOURCE Novelis Inc.

Novelis to Present at Barclays 2012 High Yield & Syndicated Loan Conference

Wed, 21 Mar 2012 09:44:30 -0400

ATLANTA, March 21, 2012 /PRNewswire/ -- Novelis Inc. Director of Investor Relations, Isabel Janci, will present at the Barclays 2012 High Yield Bond and Syndicated Loan Conference in Phoenix, Arizona on Monday, March 26, 2012 at 8:00 a.m. MST.

Mrs. Janci will give an overview of the Company, discuss the Company's strategy and future growth prospects as well as provide some financial highlights pertaining to its third quarter of fiscal 2012 results.

The presentation will be webcast live at www.novelis.com/investors, under Presentations & Events in the Investor Relations section. The webcast will be archived and available at the same location approximately one hour after the conclusion of the live event.

SOURCE Novelis

Novelis to Sell Foil Assets in Europe, Strengthen Strategic Focus on Premium Products

Mon, 05 Mar 2012 08:30:00 -0500

American Industrial Acquisition Corporation to Acquire Foil Operations in France, Luxembourg and Germany

ATLANTA, March 5, 2012 /PRNewswire/ -- Novelis Inc., the world's leading producer of aluminum rolled products, today announced the planned sale of three aluminum foil manufacturing plants in Europe to American Industrial Acquisition Corporation (AIAC). The transaction includes foil rolling operations in Rugles, France; Dudelange, Luxembourg; and Berlin, Germany.

"These foil operations are well-established businesses with strong customer bases; however, they are not aligned with the Novelis growth strategy and therefore we believe they will have a better future with AIAC," said Philip Martens, President and Chief Executive Officer of Novelis.

"Novelis is focused on growing the higher-volume, premium markets of beverage cans, automobiles and specialty products," said Martens.

Novelis expects the sale of the foil plants to be concluded this spring subject to completion of regulatory and other customary approvals. Novelis also expects to complete customary consultations with employee representative bodies regarding the planned sale transaction. Customer contracts will be honored throughout the sale process and business continuity will be maintained.

The combined employee population of the foil plants included in the transaction is approximately 850. Following the separation, Novelis' total European employee population will be approximately 4,400.

About Novelis

Forward-Looking Statements

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 Novelis' expectations regarding successful completion of required employee representative consultations and regulatory approval of the transaction. 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 outcomes are included under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended March 31, 2011.

SOURCE Novelis Inc.

Novelis to Present at J.P. Morgan Global High Yield & Leveraged Finance Conference

Wed, 22 Feb 2012 09:24:38 -0500

ATLANTA, Feb. 22, 2012 /PRNewswire/ -- Novelis Inc. Chief Financial Officer, Steve Fisher, will present at the J.P. Morgan Global High Yield & Leveraged Finance Conference in Miami on Tuesday, February 28, 2012 at 11:00 a.m. EST.

Mr. Fisher will give an overview of the Company, discuss the Company's strategy and future growth prospects as well as provide some financial highlights pertaining to its third quarter of fiscal 2012 results.

About Novelis

SOURCE Novelis Inc.

Novelis Names Executives to New Roles

Fri, 10 Feb 2012 09:11:51 -0500

Tom Walpole named President of Novelis North America; Nick Madden assumes Supply Chain Role

ATLANTA, Feb. 10, 2012 /PRNewswire/ -- Novelis Inc. announced today that Tom Walpole has been appointed Senior Vice President of Novelis and President, Novelis North America, effective immediately. The company also announced that Nick Madden, Senior Vice President and Chief Procurement Officer for Novelis, has assumed additional responsibilities for leadership of the company's Global Supply Chain function.

In his new role, Walpole will lead the company's North American activities in aluminum sheet and light gauge products for the beverage, automotive, construction, packaging and industrial markets as well as an extensive recycling network. Previously, Walpole was Senior Vice President, Global Manufacturing Excellence, and President, Novelis Asia, a position he held since 2007. From 2005 to 2007, he served as Vice President and General Manager of the company's Can Products business unit.

"Tom is an exceptionally strong leader with global operating experience," said Philip Martens, President and Chief Executive Officer of Novelis. "He has done an outstanding job of directing our world-class operations in Korea while also driving global manufacturing excellence for Novelis. I look forward to his leadership as the head of our important North American business."

Walpole succeeds Jean-Marc Germain, who has left the company to pursue other career opportunities.

As Chief Procurement Officer, Madden leads the Company's global metal and non-metal sourcing, recycling and metal risk management activities. With today's announcement, he takes on additional responsibilities for strengthening the cohesiveness and efficiency of the supply chain serving the company's expanding global network of manufacturing operations.

Prior to assuming leadership of the procurement function in 2006, Madden served as president of Novelis Europe's Can, Litho and Recycling business from October 2004. Previously, Madden was vice president of metal management and procurement for Alcan Inc.'s Fabricated Products division in Europe from December 2000 until 2004 and was also responsible for the company's regional recycling business.

"Nick's industry career has spanned 33 years in a succession of senior positions," said Martens. "Recently, he has transformed our global procurement activity into a world-class function and will now focus on strengthening our global supply chain. This is a critical function considering our aggressive growth strategy and I'm pleased to have Nick take the lead."

SOURCE Novelis Inc.

Novelis Reports Third Quarter Results for Fiscal 2012

Wed, 08 Feb 2012 07:30:16 -0500

Company Continues to Execute on Strategic Plans

-- Net loss of $12 million, up $34 million YoY

-- EBITDA of $213 million, down $25 million YoY

-- Free Cash Flow before Capex of $186 million, up $80 million YoY

-- Liquidity of $857 million

-- Invested $350 million in Asia to purchase minority stake in Korean operations

ATLANTA, Feb. 8, 2012 /PRNewswire/ -- Novelis Inc., the world's leading producer of aluminum rolled products, today reported a net loss attributable to its common shareholder of $12 million for the third quarter of fiscal 2012. Adjusted EBITDA for the quarter was $213 million compared to $238 million for the same period of the previous year.


(in $M)	Q3FY12	Q3FY11		Variance
	12/31/2011		12/31/2010
Net Income (loss)	($12)		($46)	$34
Adjusted EBITDA	$213		$238	($25)

"These are good results, particularly when you consider the market pressures we saw in most of our regions and the fact that this is our seasonally low quarter. Our business model serves as a competitive advantage by reducing our overall exposure in volatile market conditions," said Phil Martens, Novelis President and Chief Executive Officer. "Our premium product portfolio, long-term customer base and business model are what differentiates us in our industry. As a result of this, our EBITDA per ton was flat versus last year on a 9 percent decline in shipments. Going forward, we are seeing a recovery, particularly in our European segment which was the most negatively impacted in the third quarter. For the full year, we are on par with last year's record EBITDA results, despite the softer volumes we've experienced this year."

Shipments of aluminum rolled products totaled 648 kilotonnes for the third quarter of fiscal 2012 compared to shipments of 715 kilotonnes in the third quarter of the previous year. This decrease in shipments was primarily a result of customer destocking in Europe due to economic uncertainty and continued weakness in the Company's electronics business in Asia.

Net sales for the third quarter of fiscal 2012 were $2.5 billion, a decrease of 4 percent compared to the $2.6 billion reported in the same period a year ago, mainly the result of lower shipments and a decrease in average aluminum prices compared to the same period last year.


(in $M)	Q3FY12	Q3FY11
	12/31/2011	12/31/2010
Income/(Loss) Before Income Taxes	($21)	($2)
Significant Items Affecting Comparisons:
Restructuring, net	(1)	(20)
Unrealized gains/(losses) on derivatives	(63)	9
Loss on Extinguishment of Debt	-	(74)
Gain/(Loss) on Sale of Assets	1	(2)
Adjusted Pre-tax Income	$42	$85

The Company reported a pre-tax loss of $21 million for the third quarter of fiscal 2012, compared to a pre-tax loss of $2 million for the same period of fiscal 2011. Excluding restructuring charges, unrealized losses on derivatives and gain on sale of assets, adjusted pre-tax income was $42 million for the third quarter of fiscal 2012.

"Our results this quarter were impacted by softer demand in Europe and Asia, reducing our ability to absorb fixed costs and higher net interest expense as a result of our debt refinancing last year," said Steve Fisher, Chief Financial Officer for Novelis.


(in $M)	Q3FY12	Q2FY12
	12/31/2011	9/30/2011
Cash and cash equivalents	$436	$286
Overdrafts	(1)	(8)
Gross availability under the ABL facility	422	715
Total Liquidity	$857	$993

For the third quarter of fiscal 2012, Novelis reported solid liquidity of $857 million and free cash flow of $63 million. The decrease in liquidity compared to the previous quarter primarily relates to short-term borrowings used to purchase the 31.2% minority interest in the Company's Korean operations. "As expected, we continued to generate strong cash flow, in part because of our ability to react quickly in this environment and manage our global inventory position down nearly 60 kilotonnes," said Fisher. "Free cash flow for the quarter was also robust given we doubled our capital expenditures year-over-year. Going forward, we expect continued strong cash flow generation which will enable us to fund our strategic expansion projects across the globe."


(in $M)	Q3FY12	Q3FY11
	12/31/2011	12/31/2010
Free Cash Flow	$63	$45
Capex	123	61
Free Cash Flow before Capex	$186	$106

Business Outlook

As a result of market pressures and higher than expected destocking levels in several regions in the third quarter, the Company revised its adjusted EBITDA guidance down slightly to between $1.05-1.08 billion for fiscal 2012. In addition, it reaffirms its fiscal 2012 free cash flow before capital expenditures target of $600-700 million and capital expenditures of approximately $550-600 million primarily focused on its global expansion projects in Brazil, Korea and North America.

Strategic Investments

"Despite the softness we saw in the third quarter, we still believe in the strong long-term growth of the aluminum flat rolled products (FRP) market which is expected to grow 34% over the next 5 years," said Martens.

"To this end, you will see us continue to take action to ensure we are best positioned to capture this growth going forward. We are committed to our strategy and continue to execute on our global rolling and recycling expansions. In addition, as part of our approach to strengthen our operations and gain control over our assets in Asia, we completed the acquisition of the minority stake in our Korean operations in December, bringing our total ownership to over 99%."

Quarterly Report on Form 10-Q

The results described in this press release have been reported in detail on the Company's Form 10-Q on file with the SEC, and investors are directed to that document for a complete explanation of the Company's financial position and results through December 31, 2011. The Novelis Form 10-Q and other SEC filings are available for review on the Company's website at www.novelis.com.

Third Quarter Fiscal 2012 Earnings Conference Call

Novelis will discuss its third quarter fiscal 2012 results via a live webcast and conference call for investors at 9:00 a.m. ET on Wednesday, February 8, 2012. Participants may access the webcast at https://cc.callinfo.com/r/1uc7nr5yvkdoz. To join by telephone, dial toll-free in North America at 800 736 4610, India toll-free at 0008001007106 or the international toll line at +1 212 231 2921. Access information may also be found at www.novelis.com/investors.

About Novelis

Non-GAAP Financial Measures

This press release and the presentation slides for the earnings call contain non-GAAP financial measures as defined by SEC rules. We think that these measures are helpful to investors in measuring our financial performance and liquidity and comparing our performance to our peers. However, our non-GAAP financial measures may not be comparable to similarly titled non-GAAP financial measures used by other companies. These non-GAAP financial measures have limitations as an analytical tool and should not be considered in isolation or as a substitute for GAAP financial measures. To the extent we discuss any non-GAAP financial measures on the earnings call, a reconciliation of each measure to the most directly comparable GAAP measure will be available in the presentation slides filed as Exhibit 99.2 to our Current Report on Form 8-K furnished to the SEC concurrent with the issuance of this press release. In addition, the Form 8-K includes a more detailed description of each of these non-GAAP financial measures, together with a discussion of the usefulness and purpose of such measures.

Attached to this news release are tables showing the Condensed Consolidated Statements of Operations, Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Cash Flows, Reconciliation to Adjusted EBITDA and Free Cash Flow.

Forward-Looking Statements

Statements made in this news release which describe Novelis' intentions, expectations, beliefs or predictions may be forward-looking statements within the meaning of securities laws. Forward-looking statements include statements preceded by, followed by, or including the words "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," or similar expressions. Examples of forward-looking statements in this news release include our expectations for free cash flow generation and our projected capital expenditures through the end of the fiscal year. Novelis cautions that, by their nature, forward-looking statements involve risk and uncertainty and that Novelis' actual results could differ materially from those expressed or implied in such statements. 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. Factors that could cause actual results or outcomes to differ from the results expressed or implied by forward-looking statements include, among other things: changes in the prices and availability of aluminum (or premiums associated with such prices) or other materials and raw materials we use; the capacity and effectiveness of our metal hedging activities, including our internal used beverage cans (UBCs) and smelter hedges; relationships with, and financial and operating conditions of, our customers, suppliers and other stakeholders; fluctuations in the supply of, and prices for, energy in the areas in which we maintain production facilities; our ability to access financing for future capital requirements; changes in the relative values of various currencies and the effectiveness of our currency hedging activities; factors affecting our operations, such as litigation, environmental remediation and clean-up costs, labor relations and negotiations, breakdown of equipment and other events; the impact of restructuring efforts in the future; economic, regulatory and political factors within the countries in which we operate or sell our products, including changes in duties or tariffs; competition from other aluminum rolled products producers as well as from substitute materials such as steel, glass, plastic and composite materials; changes in general economic conditions including deterioration in the global economy, particularly sectors in which our customers operate; changes in the fair value of derivative instruments; cyclical demand and pricing within the principal markets for our products as well as seasonality in certain of our customers' industries; changes in government regulations, particularly those affecting taxes, derivative instruments, environmental, health or safety compliance; changes in interest rates that have the effect of increasing the amounts we pay under our principal credit agreement and other financing agreements; the effect of taxes and changes in tax rates; our indebtedness and our ability to generate cash. The above list of factors is not exhaustive. Other important risk factors included under the caption "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended March 31, 2011 are specifically incorporated by reference into this news release.

Novelis Inc. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (In millions)

	Three Months Ended December 31,		Nine Months Ended December 31,
	2011	2010	2011	2010
Net sales	$ 2,462	$ 2,560	$ 8,455	$ 7,617

Cost of goods sold (exclusive of depreciation and amortization)	2,224	2,232	7,481	6,628
Selling, general and administrative expenses	95	94	281	272
Depreciation and amortization	79	100	249	307
Research and development expenses	10	9	34	27
Interest expense and amortization of debt issuance costs	74	46	228	125
Interest income	(3)	(4)	(11)	(10)
Loss on early extinguishment of debt	—	74	—	74
Restructuring charges, net	1	20	31	35
Equity in net loss of non-consolidated affiliates	4	5	9	11
Other (income) expense, net	(1)	(14)	(85)	(53)

	2,483	2,562	8,217	7,416

Income (loss) before income taxes	(21)	(2)	238	201
Income tax (benefit) provision	(10)	33	42	104

Net income (loss)	(11)	(35)	196	97
Net income attributable to noncontrolling interests	1	11	26	31

Net income (loss) attributable to our common shareholder	$ (12)	$ (46)	$ 170	$ 66

Novelis Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (In millions, except number of shares)

	December 31, 2011	March 31, 2011
ASSETS
Current assets
Cash and cash equivalents	$ 436	$ 311
Accounts receivable, net
— third parties (net of allowances of $4 and $7 as of December 31, 2011 and March 31, 2011, respectively)	1,267	1,480
— related parties	35	28
Inventories	1,091	1,338
Prepaid expenses and other current assets	74	50
Fair value of derivative instruments	89	165
Deferred income tax assets	54	39

Total current assets	3,046	3,411
Property, plant and equipment, net	2,646	2,543
Goodwill	611	611
Intangible assets, net	648	707
Investment in and advances to non–consolidated affiliates	671	743
Fair value of derivative instruments, net of current portion	6	17
Deferred income tax assets	40	52
Other long–term assets
— third parties	167	193
— related parties	16	19

Total assets	$ 7,851	$ 8,296


LIABILITIES AND SHAREHOLDER'S EQUITY
Current liabilities
Current portion of long–term debt	$ 22	$ 21
Short–term borrowings	227	17
Accounts payable
— third parties	992	1,378
— related parties	52	50
Fair value of derivative instruments	97	82
Accrued expenses and other current liabilities	466	568
Deferred income tax liabilities	30	43

Total current liabilities	1,886	2,159
Long–term debt, net of current portion	4,322	4,065
Deferred income tax liabilities	509	552
Accrued postretirement benefits	507	526
Other long–term liabilities	326	359

Total liabilities	7,550	7,661

Commitments and contingencies
Shareholder's equity
Common stock, no par value; unlimited number of shares authorized; 1,000 shares issued and outstanding as of December 31, 2011 and March 31, 2011	—	—
Additional paid–in capital	1,660	1,830
Accumulated deficit	(1,272)	(1,442)
Accumulated other comprehensive (loss) income	(121)	57

Total equity of our common shareholder	267	445
Noncontrolling interests	34	190

Total equity	301	635

Total liabilities and equity	$ 7,851	$ 8,296

Novelis Inc. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (In millions)

	Nine Months Ended December 31,
	2011	2010
OPERATING ACTIVITIES
Net income	$ 196	$ 97
Adjustments to determine net cash provided by operating activities:
Depreciation and amortization	249	307
Gain on unrealized derivatives and other realized derivatives in investing activities, net	(67)	(58)
Loss on extinguishment of debt	—	74
Deferred income taxes	11	12
Write–off and amortization of fair value adjustments, net	20	8
Equity in net loss of non–consolidated affiliates	9	11
(Gain) loss on foreign exchange remeasurement of debt	16	—
(Gain) loss on sale of assets	1	(11)
Non-cash impairment charges	14	5
Amortization of debt issuance costs	12	6
Other, net	(9)	(8)
Changes in assets and liabilities:
Accounts receivable	152	(37)
Inventories	193	(220)
Accounts payable	(426)	22
Other current assets	(16)	(7)
Other current liabilities	(123)	21
Other noncurrent assets	14	(8)
Other noncurrent liabilities	(41)	4

Net cash provided by operating activities	205	218

INVESTING ACTIVITIES
Capital expenditures	(297)	(132)
Proceeds from sales of assets	11	28
Proceeds from investment in and advances to non–consolidated affiliates, net	1	1
(Outflow) proceeds from related party loans receivable, net	(5)	8
Proceeds from settlement of other undesignated derivative instruments, net	95	81

Net cash (used in) provided by investing activities	(195)	(14)

FINANCING ACTIVITIES
Proceeds from issuance of debt	274	3,985
Principal payments	(16)	(2,486)
Short–term borrowings (payments), net	211	49
Return on capital to our shareholder	—	(1,700)
Dividends, noncontrolling interest	(1)	(18)
Acquisition of noncontrolling interest	(343)	—
Debt issuance costs	(2)	(174)

Net cash provided by (used in) financing activities	123	(344)

Net (decrease) increase in cash and cash equivalents	133	(140)
Effect of exchange rate changes on cash balances held in foreign currencies	(8)	—
Cash and cash equivalents — beginning of period	311	437

Cash and cash equivalents — end of period	$ 436	$ 297

Reconciliation from Net Income Attributable to our Common Shareholder to Adjusted EBITDA

Novelis is providing disclosure of the reconciliation of reported non-GAAP financial measures to their comparable financial measures on a GAAP basis.


	Three Months Ended		Nine Months Ended
(in millions)	December 31,		December 31,
	2011	2010	2011	2010
Net income (loss) attributable to our common shareholder	$ (12)	$ (46)	$ 170	$ 66
Noncontrolling interests	(1)	(11)	(26)	(31)
Income tax benefit/(provision)	10	(33)	(42)	(104)
Interest, net	(71)	(42)	(217)	(115)
Depreciation and amortization	(79)	(100)	(249)	(307)
EBITDA	129	140	704	623

Unrealized gain (loss) on derivatives	(63)	9	(38)	(37)
Realized gain (loss) on derivative instruments not included in segment income	(3)	4	(1)	4
Proportional consolidation	(9)	(11)	(34)	(33)
Loss on early extinguishment of debt	—	(74)	—	(74)
Restructuring charges, net	(1)	(20)	(31)	(35)
Gain (loss) on sale of assets	1	(2)	(1)	11
Other income, net	(9)	(4)	(11)	(9)
Adjusted EBITDA	$ 213	$ 238	$ 820	$ 791

The following table shows the "Free cash flow" for the nine months ended December 31, 2011 and 2010, the change between periods, as well as the ending balances of cash and cash equivalents (in millions).


	Nine Months Ended December 31,
	2011	2010	Change

Net cash provided by operating activities	$ 205	$ 218	$ (13)
Net cash provided by (used in) investing activities	(195)	(14)	(181)
Less: Proceeds from sales of assets	(11)	(28)	17
Free cash flow	$ (1)	$ 176	$ (177)
Ending cash and cash equivalents	$ 436	$ 297	$ 139

SOURCE Novelis Inc.

Novelis to Host Third Quarter Fiscal Year 2012 Earnings Conference Call on Wednesday, February 8

Wed, 01 Feb 2012 09:00:00 -0500

ATLANTA, Feb. 1, 2012 /PRNewswire/ -- Novelis Inc. will report its earnings for the third quarter of fiscal year 2012 on Wednesday, February 8, 2012. Following the release, President and Chief Executive Officer Philip Martens and Chief Financial Officer Steve Fisher will discuss the results via a live web and audio conference call for investors at 9:00 a.m. EST the same day.

The audio portion of the meeting will be available via telephone at:
U.S. and Canada Toll-Free Number: 800 736 4610
India Toll-Free Number: 0008001007106
International Toll Number: +1 212 231 2921

The presentation slides will be provided live via the web at:
https://cc.callinfo.com/r/1uc7nr5yvkdoz

Participants should access the conference 15 minutes in advance of the start time to complete the registration process.

To test the compatibility of your browser and network connections in advance, please visit: http://test.callinfo.com

Following the meeting, the webcast will be available for replay at www.novelis.com/investors.

About Novelis

SOURCE Novelis Inc.

North American Coca-Cola Bottling System and Novelis Sign Multi-Year Agreement for Supply of Aluminum Can Sheet

Mon, 09 Jan 2012 09:30:00 -0500

ATLANTA, Jan. 9, 2012 /PRNewswire/ -- Coca-Cola Bottlers' Sales & Services Company LLC (CCBSS), the Coca-Cola entity purchasing aluminum can sheet for the Coca-Cola System in North America, and Novelis Inc., the world's leading producer of aluminum rolled products, today announced the signing of a multi-year agreement for the supply of aluminum can sheet. The agreement took effect January 1, 2012.

The agreement covers the supply of aluminum can body stock, can end stock and can tab stock to the various producers of beverage cans for Coca-Cola in North America. Terms of the contract were not disclosed.

The contract continues a decades-long relationship between the two companies and maintains Novelis' role as the primary supplier of aluminum can sheet to Coca-Cola in North America.

"We're pleased to have reached an agreement with our aluminum supplier, Novelis, resulting in a multi-year aluminum can sheet contract," said Mark Shaughnessy, president and chief executive officer of CCBSS. "This new agreement not only continues a highly-valued, long-standing supply partnership, but it also sets the stage for us to collaboratively drive increases in packaging recovery and re-use. With our partners at Novelis, we look forward to our continued success and delivering refreshing Coca-Cola products across North America."

"The partnership between Coca-Cola and Novelis reflects a deep commitment to the environment on the part of both companies," said Phil Martens, president and chief executive officer of Novelis. "Coca-Cola has been a highly valued customer for many years and we are pleased that this new agreement allows us to continue to bring the recycling and sustainability benefits of the aluminum can to drinkers of Coca-Cola products throughout North America."

In the context of the new contract, the companies have also agreed to dismiss litigation pending in the Georgia State Court System, relating to previous contractual terms.

About Coca-Cola Bottlers' Sales & Services Company LLC (CCBSS)
CCBSS is a limited liability company that is owned by authorized Coca-Cola bottlers doing business in North America. CCBSS supports Coca-Cola bottlers by providing supply chain functions, systems and strategies on behalf of the entire Coca-Cola System in North America.

About The Coca-Cola Company
The Coca-Cola Company (NYSE: KO) is the world's largest beverage company, refreshing consumers with more than 500 sparkling and still brands. Led by Coca-Cola, the world's most valuable brand, our Company's portfolio features 15 billion dollar brands including Diet Coke, Fanta, Sprite, Coca-Cola Zero, vitaminwater, Powerade, Minute Maid, Simply, Georgia and Del Valle. Globally, we are the No. 1 provider of sparkling beverages, ready-to-drink coffees, and juices and juice drinks. Through the world's largest beverage distribution system, consumers in more than 200 countries enjoy our beverages at a rate of 1.7 billion servings a day. With an enduring commitment to building sustainable communities, our Company is focused on initiatives that reduce our environmental footprint, support active, healthy living, create a safe, inclusive work environment for our associates, and enhance the economic development of the communities where we operate. Together with our bottling partners, we rank among the world's top 10 private employers with more than 700,000 system employees. For more information, please visit www.thecoca-colacompany.com or follow us on Twitter at twitter.com/CocaColaCo.

SOURCE Novelis Inc.

Novelis to Invest $50 Million for new Coating Line in Brazil

Wed, 21 Dec 2011 04:00:00 -0500

Aluminum Leader Continues Expansion in Emerging Market

ATLANTA, Dec. 21, 2011 /PRNewswire/ -- Novelis, the world's largest producer of rolled aluminum, today announced it will invest approximately $50 million to install a coating line for beverage can end stock at its operations in Pindamonhangaba, Brazil.

"This expansion is the most recent step in an ongoing program to expand our leadership position in supplying Brazil and South America with high-quality beverage can sheet for this growing region," said Phil Martens, President and Chief Executive Officer for Novelis Inc.

Novelis, the leading supplier of can body stock and can end stock in South America, forecasts the demand for aluminum beverage cans in the region to grow by seven percent per year until 2020.

"This investment will help round out our can sheet offering for our customers in the region and allow us to keep pace with the surging demand for our products," said Marco Palmieri, Senior Vice President of Novelis Inc. and President, Novelis South America. "The new line will allow us to increase our capacity to meet customer demand while shortening delivery lead times."

The new coating line, which will be fully integrated with in-line levelling and trimming using the latest technology, is expected to come on stream in late 2013. The line will have the capacity to process 100,000 metric tons of aluminum sheet per year.

The Pindamonhangaba facility is an integrated aluminum rolling and recycling complex located in the state of Sao Paulo. The plant is currently in the midst of a $300 million expansion of its rolling mill and a $32 million expansion of its aluminum recycling capacity.

Forward-Looking Statements
Statements made in this news release describing 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 Novelis' expectations for demand growth in South America and the expected completion date of the project. 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 outcomes are included under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended March 31, 2011.

SOURCE Novelis Inc.

Novelis Subsidiary, ALCOM, Commissions $5 Million Manufacturing Expansion in Malaysia

Tue, 13 Dec 2011 17:40:39 -0500

BUKIT RAJA, MALYASIA, Dec. 13, 2011 – Aluminium Company of Malaysia Berhad (ALCOM), a subsidiary of Novelis Inc., the world’s largest producer of rolled aluminum, today announced the commissioning of a $5 million expansion at its Bukit Raja, Malaysia, facility.

The expansion consists of a tension leveler system designed to improve coil flatness and surface cleanliness for overall quality and product mix enhancement. The new equipment will provide improvements across the existing range of aluminum sheet and heavy gauge foil products. In addition, the investment will enable ALCOM to enter the growing market for aluminum sheet used in consumer electronics.

“This investment will help ensure that we are able to continue serving existing customers in the region with our high-quality rolled products offering,” said Sachin Satpute, Managing Director of ALCOM, “while at the same time allowing us to take advantage of the growing demand for premium product markets such as electronics.”

The new equipment was installed and commissioned on schedule, with no safety or environmental incidents.

Owned 59 percent by Novelis, ALCOM is a publicly traded company located in Bukit Raja, Selangor, Malaysia. The rolling mill uses continuous caster technology to produce a variety of rolled products, ranging from sheet and coil to heavy-gauge foil products. The plant is the leading supplier of rolled products in Southeast Asia, serving the bare and coated heat exchanger markets along with specialty common alloy and foil segments.

About Novelis
Novelis Inc. is the global leader in aluminum rolled products and aluminum can recycling. The Company operates in 11 countries, has nearly 11,000 employees and reported revenue of $10.6 billion in fiscal year 2011. Novelis supplies premium aluminum sheet and foil products to automotive, transportation, packaging, construction, industrial, electronics and printing markets throughout North America, Europe, Asia, and South America. Novelis is a subsidiary of Hindalco Industries Limited (BSE: HINDALCO), one of Asia's largest integrated producers of aluminum and a leading copper producer. Hindalco is a flagship company of the Aditya Birla Group, a multinational conglomerate based in Mumbai, India. For more information, please visit www.novelis.com.

Novelis to Promote Aluminum Recycling with the Atlanta Falcons, Ovie Mughelli and the Commissioner of Tailgating

Thu, 08 Dec 2011 15:36:32 -0500

ATLANTA, Dec. 8, 2011 /PRNewswire/ -- Atlanta-based Novelis, the world's leading producer of rolled aluminum and the global leader in beverage can recycling, is teaming up with the Atlanta Falcons, Falcons fullback Pro Bowl Ovie Mughelli and the "Commissioner of Tailgating" to promote aluminum beverage can recycling.

Falcon's fans are invited to a Novelis tailgate party prior to the Dec. 15 game between the Falcons and the Jacksonville Jaguars at the Georgia Dome. The Novelis party will take place at Falcons Landing outside the Dome from 5:00 to 8:00 p.m. Helping to host the event will be Joe Cahn, the self-proclaimed Commissioner of Tailgating, who is crossing the country in his RV as part of the Aluminum Association's Can Crusade to bring the message of aluminum recycling to fans at 17 NFL stadiums.

The Novelis tailgate party will also be attended by popular Falcons fullback Ovie Mughelli, the Falcons cheerleaders, team mascot Freddy the Falcon, and Novelis' own aluminum-themed mascot, Can Man. The Commissioner will also be handing out Can Crusade t-shirts, hats and other promotional items. The party is free and open to the public.

"We are excited to join with the Falcons in bringing our recycling message to hometown football fans right here in Atlanta," said Derek Prichett, vice president of global recycling for Novelis. "Recycling is big business for Novelis and an important part of our sustainability platform. We recycle about 40 billion aluminum cans every year -- that's enough to stretch from the earth to the moon and back more than six times!"

"The Can Crusade is the single most important tour that I have ever been on," said Joe Cahn. "As the Commissioner of Tailgating, I have a responsibility to the fans to make sure that they are hosting both a fun and safe tailgate on game day. The Can Crusade is helping me accomplish this goal. Simply put, aluminum cans are the smarter choice as they are portable, stackable, infinitely recyclable and safer."

Novelis supplies high quality rolled aluminum products for many of the world's top brands, including beverage companies Coca-Cola and Anheuser-Busch, automotive manufacturers BMW, Mercedes, Ford and Audi, and electronics producers LG and Samsung. Novelis' can recycling operations worldwide keep 1.2 billion pounds of aluminum from going into landfills each year. The energy saved by recycling these cans is enough to provide residential lighting to metropolitan Atlanta for more than two years.

In May of this year, Novelis committed to increasing the amount of recycled metal it uses in its rolling operations from 33 percent to 80 percent by 2020, which is projected to remove ten million metric tons of greenhouse gas emissions annually from the aluminum product value chain. The company's first Sustainability Report was released earlier this month.

About Novelis
Headquartered in Atlanta, Novelis is the global leader in aluminum rolled products and aluminum can recycling. The Company operates in 11 countries, has nearly 11,000 employees and reported revenue of $10.6 billion in fiscal year 2011. Novelis supplies premium aluminum sheet and foil products to automotive, transportation, packaging, construction, industrial, electronics and printing markets around the globe. Novelis is a subsidiary of Hindalco Industries Limited, one of Asia's largest integrated producers of aluminum and a leading copper producer. Hindalco is a flagship company of the Aditya Birla Group, a multinational conglomerate based in Mumbai, India. For more information, visit www.novelis.com.

About the Commissioner of Tailgating
Joe Cahn, the self-proclaimed Commissioner of Tailgating, has traveled more than 800,000 miles and attended more than 800 games to promote aluminum can recycling. In addition to his commitment to aluminum, the New Orleans native is known for his signature jambalaya. For more information, visit www.cancrusade.com.

About the Ovie Mughelli Foundation
The Ovie Mughelli Foundation is a 501(c) 3 federal tax-exempt organization that supports the overall development of youth socially, mentally and physically by implementing and assisting quality programs that educate the youth on the environment. OMF wants to empower the youth to take ownership and pride about their lives and the roles that they play in society. For more information, please visit www.OMFGreen.org.

Novelis Completes Financing for Acquisition of Outstanding Minority Interest in Korean Subsidiary

Wed, 07 Dec 2011 16:22:23 -0500

ATLANTA, Dec. 7, 2011 /PRNewswire/ -- Novelis Inc., the world's leading producer of aluminum rolled products, today reported that it has completed the financing for its acquisition of the outstanding minority interest in its Korean subsidiary.

Novelis previously announced it would purchase 31.2 percent of the outstanding shares in its Korean subsidiary for $350 million, raising its ownership to more than 99 percent. Novelis has borrowed $225 million through a secured term loan and plans to fund the remaining purchase price with existing liquidity sources. The new term loan was borrowed under, and will have the same terms as, the Company's existing $1.5 billion term loan facility.

"Our decision to buy out the minority shareholders in Novelis Korea represents another key step in Novelis' strategy to prepare for future growth in Asia," said Phil Martens, president and chief executive officer of Novelis. "We believe this transaction will provide Novelis with greater control of our manufacturing assets in the region while at the same time helping to drive our ongoing initiatives for globally integrated operations."

On November 18th, Novelis announced its agreement with Taihan Electric Wire Co. Ltd. and other minority shareholders of Novelis Korea Limited to purchase 31.2 percent of the outstanding shares in the Korean corporation for $350 million. Novelis currently owns 67.9 percent of Novelis Korea and, following the closing of the acquisition, will own more than 99 percent of the outstanding shares. The acquisition is expected to close by December 31, 2011.

About Novelis

Forward-Looking Statements

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 Novelis' expectations regarding the anticipated closing date of the acquisition. 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 outcomes are included under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended March 31, 2011.

SOURCE Novelis Inc.

Novelis to Present at Bank of America Merrill Lynch Leveraged Finance Conference

Wed, 23 Nov 2011 12:19:54 -0500

ATLANTA, Nov. 23, 2011 /PRNewswire/ -- Novelis Inc. Director of Investor Relations, Isabel Janci, will present at the Bank of America Merrill Lynch 2011 Leveraged Finance Conference in Orlando on Wednesday, November 30, 2011 at 3:20 p.m. EST.

Ms. Janci will give an overview of the company, discuss the company's strategy and future growth prospects as well as provide some financial highlights pertaining to its second quarter of fiscal 2012 results.

About Novelis

SOURCE Novelis Inc.

Novelis Commissions Aluminum Recycling Centre at Alunorf

Tue, 22 Nov 2011 08:58:16 -0500

Hannelore Kraft officially inaugurates expanded facility

NEUSS, Germany, Nov. 22, 2011 /PRNewswire/ -- Novelis Inc., the world's largest producer of rolled aluminum and a global leader in aluminum recycling, today announced the commissioning of its euro 14 million recycling centre expansion at Aluminium Norf GmbH (Alunorf) in Neuss.

Hannelore Kraft, Prime Minister of North Rhine - Westphalia, officially opened the new facility at a ceremony attended by company representatives, customers and local officials. The event marked the commissioning of the twin-chamber melting furnace and processing plant designed to recycle 50,000 metric tons of aluminum scrap per year to feed the rolling mills of Alunorf. The plant, which is a joint venture of Novelis and Hydro Aluminium, is the world's largest aluminum rolling complex with 2,170 employees.

The new Novelis recycling centre will process aluminum manufacturing scrap from Novelis' customers across Europe as well as from its own facilities. It is the second phase of a recycling expansion project at Alunorf that began in 2009 with the construction of a similar recycling facility funded by the joint venture partner, Hydro. With today's commissioning of this most recent expansion, the combined capacity of the plant's integrated recycling operations is 100,000 metric tons per year.

"Today's event marks another important milestone in Novelis' ongoing commitment to recycling and sustainable manufacturing," said Tadeu Nardocci, senior vice president of Novelis Inc. and president of Novelis Europe. "This new facility brings benefits for the environment, our customers, our employees and the economy of the region. It also helps ensure a steady source of metal for our rolling operations here at Norf, while reducing our carbon footprint and that of our customers. Investments such as this one are a key component of our global commitment to increasing recycled metal input to 80% by 2020."

Using recycled aluminum as input material expends only five percent of the energy required to make aluminum from raw materials, thus avoiding 95 percent of the greenhouse gases associated with primary aluminum production.

"The energy-intensive businesses in North Rhine-Westphalia are important to us as we want to remain an 'Energy state'," noted Hannelore Kraft. "The last world economic crisis has clearly shown how important a good industrial basis is for us as an area. For me it is also proof of the competitiveness of North Rhine-Westphalia that global companies such as Novelis make money available for investments at Alunorf here in Neuss."

About Alunorf
Aluminium Norf GmbH is a joint venture of Novelis Deutschland GmbH and Hydro Aluminium Rolled Products GmbH. In the south of the city of Neuss, more than 2,100 employees produce close to 1.5 million tons of semi-finished flat rolled material. From the coils supplied by Alunorf, Novelis and Hydro as well as their customers produce beverage cans and other packaging materials, offset printing sheets, automotive parts and materials for the building industry and the transport sector.

Forward-Looking Statements
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 Novelis' expectations regarding anticipated capacity of the new recycling facility. 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 outcomes are included under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended March 31, 2011.

SOURCE Novelis Inc.

Novelis to Purchase Outstanding Minority Interest in Subsidiary Novelis Korea Limited for $350 Million

Thu, 17 Nov 2011 22:00:00 -0500

ATLANTA, Nov. 17, 2011 /PRNewswire/ -- Novelis Inc. announced today that it has reached an agreement with Taihan Electric Wire Co. Ltd. (TEC) and other minority shareholders of its subsidiary, Novelis Korea Limited, to purchase 31.2 percent of the outstanding shares in the Korean corporation for approximately $350 million in an all-cash transaction. Novelis currently owns 67.9 percent of Novelis Korea and, following the closing of the purchase, will own more than 99 percent of the outstanding shares.

"Our decision to purchase the remaining minority interest in Novelis Korea represents another key step in Novelis' strategy to prepare for future growth in Asia," said Phil Martens, president and chief executive officer of Novelis. "Asia is the largest and fastest growing region in the world for aluminum rolled products, with an expected annual growth rate of eight percent for the next five years. This transaction will enable Novelis to continue to strengthen its leadership position in this increasingly important region, particularly in the beverage can, electronics and automobile markets."

Martens pointed to a number of factors behind the decision to purchase the outstanding interest in Novelis Korea. "We believe this transaction will provide Novelis with greater control of our manufacturing assets in the region," noted Martens, "while at the same time helping to drive our ongoing initiatives for globally integrated operations."

The move is part of an ongoing assessment by Novelis of strategic opportunities to serve rapidly growing markets in Asia and the Middle East, and follows the announcement in May of a $400 million expansion of aluminum rolling capacity and recycling infrastructure in Korea. That expansion is on target to increase Novelis' aluminum sheet capacity in Asia by more than 50 percent to nearly one million metric tons per year. The expansion will also include the construction of a state-of-the-art recycling center for aluminum beverage cans and a casting operation with annual production capacity in excess of 260,000 metric tons of sheet ingot.

Tom Walpole, senior vice president, global manufacturing excellence, and president, Novelis Asia, noted that other factors also played a part in moving forward with the transaction: "The decision to effectively acquire full ownership of Novelis Korea is a testament to the quality of our operations and assets in Korea, the expertise of our management here and the experience and stability of our workforce," said Walpole. Novelis Korea has two integrated rolling facilities in Yeongju and Ulsan, South Korea, both of which have casting, hot rolling, cold rolling, finishing and recycling capabilities.

The purchase is expected to close by December 31, 2011.

About Novelis

Forward-Looking Statements

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 Novelis' expectations regarding the anticipated closing date of the transaction. 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 outcomes are included under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended March 31, 2011.

SOURCE Novelis Inc.

Novelis Reports Strong Second Quarter Fiscal Year 2012 Results

Wed, 09 Nov 2011 07:10:59 -0500

- Net income of $120 million, up 94% YOY

- Strong EBITDA of $301 million, up 3% YOY

- Free Cash Flow before CapEx of $237 million

- Liquidity of $993 million

- Strategic Expansion Projects on Track and on Budget

ATLANTA, Nov. 9, 2011 /PRNewswire/ -- Novelis Inc., the world's leading producer of aluminum rolled products, today reported net income attributable to its common shareholder of $120 million for the second quarter of fiscal 2012 compared to net income of $62 million for the same period in fiscal 2011.

Adjusted EBITDA was the second highest quarterly EBITDA in the Company's history.


(in $M)	Q2FY12	Q2FY11		Variance
	9/30/2011		9/30/2010
Net Income	$120		$62	94%
Adjusted EBITDA	$301		$291	3%

Shipments of aluminum rolled products totaled 720 kilotonnes for the second quarter of fiscal 2012, a decrease of 2 percent compared to shipments of 737 kilotonnes in the second quarter of the previous year. This slight decrease in shipments was driven by economic uncertainty in the United States and Europe and unseasonably cool and wet weather across a number of the Company's operating regions which resulted in customer destocking in the quarter.

Net sales for the second quarter of fiscal 2012 were $2.9 billion, an increase of 14 percent compared to the $2.5 billion reported in the same period a year ago, mainly the result of strong conversion premiums and higher average aluminum prices.

Adjusted EBITDA for the quarter was $301 million, representing a 3 percent increase from adjusted EBITDA of $291 million posted for the same period a year ago. These operating results were primarily due to strong conversion premiums and effective cost management.

"We are particularly proud of the results we realized for the second quarter. Together with our record first quarter performance, this positions us well to achieve another record year," said Phil Martens, Novelis President and Chief Executive Officer. "As a result of our premium product portfolio, which is largely comprised of recession resistant products and other products which have strong, favorable substitution trends, we've produced consistent and predictable results."


(in $M)	Q2FY12		Q2FY11
	9/30/2011	9/30/2010
Income Before Income Taxes	$123	$129
Significant Items Affecting Comparisons:
Restructuring, net	(11)	(9)
Unrealized gains/(losses) on derivatives	(1)	1
Gain/(Loss) on Sale of Assets	(1)	-
Gain on Litigation	8	-
Adjusted Pre-tax Income	$128	$137

The Company reported pre-tax income of $123 million for the second quarter of fiscal 2012, a decrease when compared to the $129 million pre-tax income reported in the same period of fiscal 2011. Excluding restructuring charges, unrealized gains/losses on derivatives, loss on sale of assets and gain on litigation, adjusted pre-tax income decreased 7%. "These are very strong operating results, considering shipments were down 2% year-over-year and net interest was up $36 million due to higher interest expense resulting from our debt issuance and refinancing in the third quarter of 2011," said Steve Fisher, Chief Financial Officer for Novelis.


(in $M)	Q2FY12		Q1FY12
	9/30/2011	6/30/2011
Cash and cash equivalents	$286	$307
Overdrafts	(8)	(18)
Gross availability under the ABL facility	715	576
Total Liquidity	$993	$865

For the second quarter of fiscal 2012, free cash flow was $130 million, compared to free cash flow of $97 million reported in the second quarter of the previous year. "Free cash flow for the quarter was particularly strong given the 123% increase in capital expenditures year-over-year," said Fisher. "Going forward, we expect continued strong cash flow generation which will enable us to fund our global expansion projects."


(in $M)	Q2FY12		Q2FY11
	9/30/2011	9/30/2010
Free Cash Flow	$130	$97
Capex	107	48
Free Cash Flow before Capex	$237	$145

Business Outlook

For fiscal 2012, the Company expects to generate between $600-700 million of free cash flow before capital expenditures and invest approximately $550-600 million primarily in its global expansion projects.

As a result of economic uncertainty in the Eurozone, unseasonably cool weather and flooding in some of its operating regions and lower than expected growth in its electronics business, Novelis lowered its guidance to between $1.10-1.15 billion in adjusted EBITDA for fiscal year 2012. "We are still planning on a record fiscal 2012 despite several factors outside of our control impacting our results. This is a real testament to the structural changes we've made in the business over the last few years that have made us a stronger, more nimble company," said Mr. Martens.

Quarterly Report on Form 10-Q

The results described in this press release have been reported in detail on the Company's Form 10-Q on file with the SEC, and investors are directed to that document for a complete explanation of the Company's financial position and results through September 30, 2011. The Novelis Form 10-Q and other SEC filings are available for review on the Company's website at www.novelis.com.

Second Quarter Fiscal 2012 Earnings Conference Call

Novelis will discuss its second quarter fiscal 2012 results via a live webcast and conference call for investors at 9:00 a.m. ET on Wednesday, November 9, 2011. Participants may access the webcast at https://cc.callinfo.com/r/15q2p7ar9ygsn. To join by telephone, dial toll-free in North America at 800 736 4610, India toll-free at 0008001007108 or the international toll line at +1 212 231 2921. Access information may also be found at www.novelis.com/investors.

About Novelis

Non-GAAP Financial Measures

Forward-Looking Statements

Statements made in this news release which describe Novelis' intentions, expectations, beliefs or predictions may be forward-looking statements within the meaning of securities laws. Forward-looking statements include statements preceded by, followed by, or including the words "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," or similar expressions. Examples of such statements in this news release include our plans to increase production capacity, our growth plans, our expectations with respect to the flat rolled products market and our view of our ability to generate free cash flow this fiscal year. Novelis cautions that, by their nature, forward-looking statements involve risk and uncertainty and that Novelis' actual results could differ materially from those expressed or implied in such statements. 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. Factors that could cause actual results or outcomes to differ from the results expressed or implied by forward-looking statements include, among other things: changes in the prices and availability of aluminum (or premiums associated with such prices) or other materials and raw materials we use; the capacity and effectiveness of our metal hedging activities, including our internal used beverage cans (UBCs) and smelter hedges; relationships with, and financial and operating conditions of, our customers, suppliers and other stakeholders; fluctuations in the supply of, and prices for, energy in the areas in which we maintain production facilities; our ability to access financing for future capital requirements; changes in the relative values of various currencies and the effectiveness of our currency hedging activities; factors affecting our operations, such as litigation, environmental remediation and clean-up costs, labor relations and negotiations, breakdown of equipment and other events; the impact of restructuring efforts in the future; economic, regulatory and political factors within the countries in which we operate or sell our products, including changes in duties or tariffs; competition from other aluminum rolled products producers as well as from substitute materials such as steel, glass, plastic and composite materials; changes in general economic conditions including deterioration in the global economy, particularly sectors in which our customers operate; changes in the fair value of derivative instruments and our ability to purchase derivative instruments; cyclical demand and pricing within the principal markets for our products as well as seasonality in certain of our customers' industries; changes in government regulations, particularly those affecting taxes, derivative instruments, environmental, health or safety compliance; changes in interest rates that have the effect of increasing the amounts we pay under our principal credit agreement and other financing agreements; the effect of taxes and changes in tax rates; the impact of timing differences between the pricing periods for the purchase and sale of aluminum; our ability to increase production capacity and our indebtedness and our ability to generate cash. The above list of factors is not exhaustive. Other important risk factors included under the caption "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended March 31, 2011 and Quarterly Report on Form 10-Q for the quarter ended June 30, 2011, are specifically incorporated by reference into this news release.

Novelis Inc. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (In millions)
	Three Months Ended September 30,		Six Months Ended September 30,
	2011	2010	2011	2010
Net sales	$ 2,880	$ 2,524	$ 5,993	$ 5,057
Cost of goods sold (exclusive of depreciation and amortization)	2,549	2,188	5,257	4,396
Selling, general and administrative expenses	91	97	186	178
Depreciation and amortization	81	104	170	207
Research and development expenses	12	9	24	18
Interest expense and amortization of debt issuance costs	77	40	154	79
Interest income	(4)	(3)	(8)	(6)
Restructuring charges, net	11	9	30	15
Equity in net loss of non-consolidated affiliates	3	3	5	6
Other (income) expense, net	(63)	(52)	(84)	(39)
	2,757	2,395	5,734	4,854
Income before income taxes	123	129	259	203
Income tax (benefit) provision	(7)	56	52	71
Net income	130	73	207	132
Net income attributable to noncontrolling interests	10	11	25	20
Net income attributable to our common shareholder	$ 120	$62	$ 182	$112

Novelis Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (In millions, except number of shares)
	September 30, 2011	March 31, 2011
ASSETS
Current assets
Cash and cash equivalents	$ 286	$ 311
Accounts receivable, net
– third parties (net of allowances of $6 and $7 as of September 30, 2011 and March 31, 2011, respectively)	1,415	1,480
– related parties	36	28
Inventories, net	1,258	1,338
Prepaid expenses and other current assets	73	50
Fair value of derivative instruments	175	165
Deferred income tax assets	9	39
Total current assets	3,252	3,411
Property, plant and equipment, net	2,528	2,543
Goodwill	611	611
Intangible assets, net	671	707
Investment in and advances to non–consolidated affiliates	704	743
Fair value of derivative instruments, net of current portion	7	17
Deferred income tax assets	52	52
Other long–term assets
– third parties	165	193
– related parties	17	19
Total assets	$ 8,007	$ 8,296
LIABILITIES AND SHAREHOLDER'S EQUITY
Current liabilities
Current portion of long–term debt	$ 20	$ 21
Short–term borrowings	63	17
Accounts payable
– third parties	1,111	1,378
– related parties	45	50
Fair value of derivative instruments	168	82
Accrued expenses and other current liabilities	503	568
Deferred income tax liabilities	42	43
Total current liabilities	1,952	2,159
Long–term debt, net of current portion	4,063	4,065
Deferred income tax liabilities	472	552
Accrued postretirement benefits	519	526
Other long–term liabilities	339	359
Total liabilities	7,345	7,661
Commitments and contingencies
Shareholder's equity
Common stock, no par value; unlimited number of shares authorized; 1,000 shares issued and outstanding as of September 30, 2011 and March 31, 2011	—	—
Additional paid–in capital	1,830	1,830
Accumulated deficit	(1,260)	(1,442)
Accumulated other comprehensive (loss) income	(109)	57
Total equity of our common shareholder	461	445
Noncontrolling interests	201	190
Total equity	662	635
Total liabilities and equity	$ 8,007	$ 8,296

Novelis Inc. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (In millions)
	Six Months Ended September 30,
	2011	2010
OPERATING ACTIVITIES
Net income	$ 207	$ 132
Adjustments to determine net cash provided by operating activities:
Depreciation and amortization	170	207
Gain on unrealized derivatives and other realized derivatives in investing activities, net	(106)	(28)
Deferred income taxes	32	18
Write–off and amortization of fair value adjustments, net	13	8
Equity in net loss of non–consolidated affiliates	5	6
(Gain) loss on foreign exchange remeasurement of debt	(1)	1
(Gain) loss on sale of assets	2	(13)
Other, net	20	5
Changes in assets and liabilities:
Accounts receivable	40	(91)
Inventories	45	(84)
Accounts payable	(261)	(45)
Other current assets	(11)	(4)
Other current liabilities	(90)	16
Other noncurrent assets	18	(8)
Other noncurrent liabilities	(27)	4
Net cash provided by operating activities	56	124
INVESTING ACTIVITIES
Capital expenditures	(174)	(71)
Proceeds from sales of assets	1	18
Proceeds from investment in and advances to non–consolidated affiliates, net	1	—
(Outflow) proceeds from related party loans receivable, net	(4)	11
Proceeds from settlement of other undesignated derivative instruments, net	57	67
Net cash (used in) provided by investing activities	(119)	25
FINANCING ACTIVITIES
Proceeds from issuance of debt	6	—
Principal payments	(11)	(8)
Short–term borrowings (payments), net	48	(50)
Dividends, noncontrolling interest	(1)	(18)
Net cash provided by (used in) financing activities	42	(76)
Net (decrease) increase in cash and cash equivalents	(21)	73
Effect of exchange rate changes on cash balances held in foreign currencies	(4)	2
Cash and cash equivalents – beginning of period	311	437
Cash and cash equivalents – end of period	$ 286	$ 512

Reconciliation from Net Income Attributable to our Common Shareholder to Adjusted EBITDA

Novelis is providing disclosure of the reconciliation of reported non-GAAP financial measures to their comparable financial measures on a GAAP basis.


	Three Months Ended		Six Months Ended
(in millions)	September 30,		September 30,
	2011	2010	2011	2010
Net income (loss) attributable to our common shareholder	$ 120	$ 62	182	112
Noncontrolling interests	(10)	(11)	(25)	(20)
Income tax benefit/(provision)	7	(56)	(52)	(71)
Interest, net	(73)	(37)	(146)	(73)
Depreciation and amortization	(81)	(104)	(170)	(207)
EBITDA	277	270	575	483

Unrealized gain (loss) on derivatives	(1)	1	25	(46)
Realized gain on derivative instruments not included in segment income	—	—	2	—
Proportional consolidation	(12)	(12)	(25)	(22)
Restructuring charges, net	(11)	(9)	(30)	(15)
Gain (loss) on sale of assets	(1)	—	(2)	13
Other income, net	1	(1)	(2)	(1)
Adjusted EBITDA	$ 301	$ 291	$ 607	$ 554

The following table shows the "Free cash flow" for the six months ended September 30, 2011 and 2010, the change between periods, as well as the ending balances of cash and cash equivalents (in millions).


	Six Months Ended September 30,
	2011	2010	Change

Net cash provided by operating activities	$ $ 56	$ $ 124	$ $ (68)
Net cash provided by (used in) investing activities	(119)	25	(144)
Less: Proceeds from sales of assets	(1)	(18)	17
Free cash flow	$ $ (64)	$ $ 131	$ $ (195)
Ending cash and cash equivalents	$ $ 286	$ $ 512	$ $ (226)

SOURCE Novelis Inc.

Novelis to Invest $32 Million to Expand Aluminum Recycling in Brazil

Wed, 09 Nov 2011 05:00:00 -0500

Investments in the region total more than $360 million over three years

ATLANTA, Nov. 9, 2011 /PRNewswire/ -- Novelis, the world's largest producer of rolled aluminum, today announced it will invest approximately $32 million to expand recycling capacity at its aluminum rolling and recycling complex in Pindamonhangaba, Brazil.

(Logo: http://photos.prnewswire.com/prnh/20100527/CL11716LOGO)

Today's announcement is in addition to a $300-million rolling mill expansion currently under way at the plant and a further $30 million invested over the past two years to expand recycling capacity and establish a network of used can collection centers within the country.

"These back-to-back investments totalling more than $360 million respond to two major strategic initiatives for Novelis – expand our production capacity in emerging global markets and reduce our carbon footprint through increased recycling," said Phil Martens, President and Chief Executive Officer for Novelis Inc.

"We recently established an ambitious goal to increase the recycled content of our products to 80 percent by 2020 from the current 33 percent," said Martens, "and investments such as this are an important part of our plan to get there."

The expansion announced today will include a state-of-the-art recycling line that will nearly double the plant's capacity to recycle used beverage cans and other aluminum scrap from 200,000 metric tons per year to 390,000 tons per year. The new line, which is expected to come on stream in late 2013, will help to ensure metal supply for the plant's rolling mills while reducing operating costs and delivering environmental benefits. Aluminum recycling uses only 5 percent of the energy and greenhouse gas emissions required to produce primary aluminum.

"Novelis is the leading producer of flat rolled aluminum products in South America and the largest recycler of beverage cans," said Marco Palmieri, Senior Vice President of Novelis Inc. and President, Novelis South America. "Novelis has had a long, successful history in Brazil and these investments are further evidence of our commitment to strengthen our market leadership in the region."

Forward-Looking Statements

Statements made in this news release describing 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 Novelis' expectations about the anticipated capacity increase resulting from our investment and the expected completion date of the project. 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 outcomes are included under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended March 31, 2011, and our Quarterly Report on Form 10-Q for the quarter ended June 30, 2011.

About Novelis

SOURCE Novelis