Novelis maintains scrap content goal
Aug 14, 2012 | 04:22 PM
| Daniel Fitzgerald
NEW YORK Novelis Inc. says it continues to be "very aggressive" in implementing its goal of using 80-percent recycled content by 2020, though the aluminum producer acknowledged that declining aluminum prices have reduced the benefits of using more scrap metal.
Novelis president and chief executive officer Phil Martens said during a first-quarter earnings call Tuesday that a 24-percent drop in official aluminum prices had the effect of "significantly reducing the benefit we get from using scrap." The company attributed a 15.4-percent year-on-year drop in adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) in its first fiscal quarter ended June 30 to "a meaningful decrease in scrap benefits".....
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