Goldman metal swap offer no help to Novelis: Madden

Aug 02, 2013 | 01:47 PM | Jethro Wookey

Tags  Nick Madden, Novelis, Goldman Sachs, Gary Cohn, LME warehousing, Metro International Trade Services, Jethro Wookey

LONDON — Novelis Inc. and other aluminum consumers won’t benefit from Goldman Sachs Group Inc.’s offer to swap metal in warehouse queues with available material, as they have no metal in the queues, Novelis’ senior vice president and chief supply chain officer Nick Madden told AMM sister publication Metal Bulletin.

Goldman Sachs on Aug. 2 offered to swap any aluminum held by consumers in the delivery queue at Metro International Trade Services LLC warehouses for immediately available aluminum that it had sourced directly from producers.....

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