<!– @page { margin: 0.79in } P { margin-bottom: 0.08in } –Atlanta-based aluminum giant Novelis Inc. on Feb. 17 announced a $68 million profit for the third quarter ended Dec. 31, rebounding from a $1.8 billion loss during the same year-ago period.
Quarterly sales were down 3 percent to $2.1 billion compared to the previous year. Facing lower revenues, the company said its efforts to cut costs and improve efficiency helped boost its bottom line.
Novelis, which had $10.2 billion in revenues for fiscal 2009, supplies aluminum for the automotive and construction industries and beverage companies, including Coca-Cola Co. bottlers. The company also focuses on aluminum recycling.
In the latest move in a plan launched in early 2009 to cut $140 million in costs by September, Novelis announced Feb. 11 that it would move its North American headquarters to Atlanta from Cleveland by year’s end. The move is expected to create at least 80 jobs at the consolidated headquarters.
Atlanta has been the company’s global base since its formation in 2005 as a spin-off of Canadian aluminum maker Alcan Inc. Mumbai, India-based Hindalco Industries Ltd., one of the world’s largest aluminum and copper producers, bought Novelis in 2007.
Novelis has 12,000 employees and operates in 11 countries.
The $68 million profit is down from $195 million in the second quarter of fiscal 2010.
For more information, visit www.novelis.com.
