Novelis net income plunges on low can sheet demand

Aug 12, 2013 | 01:21 PM | Jethro Wookey

Tags  Novelis, Phil Martens, aluminum, earnings report, Steve Fisher, aluminum can sheet, jethro wookey

LONDON — Aluminum sheet producer Novelis Inc.’s net income plunged in the three months ended June 30 due to low aluminum prices and disappointing demand for can sheet.

"Novelis faced continued pricing headwinds and softer-than-expected demand for beverage can sheet partially driven by unfavorable weather conditions," the Atlanta-based company said.

Novelis posted net income of $14 million for its fiscal first quarter, down 84.6 percent from $91 million in the same period last year, on sales that fell 5.6 percent to just under $2.41 billion as shipments of rolled products slid 2 percent to 708,000 tonnes.....

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