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Louisville, Kentucky-A spokesman for Novelis, an American producer and recycler of rolled aluminum products, said on Monday that The company's new automotive aluminum plate plant in Guthrie, Kentucky, is expected to go into production in mid-2020 at a cost of $300m.
In a conference call with analysts on Friday, Steve Fischer, the company's president and chief executive officer, said Although the car market remains strong, he is watching China closely and consumers are becoming increasingly cautious about buying new cars, perhaps because they are worried about a trade war between China and the United States.
In North America and Europe, Novelis sees a consumer trend in which larger sports utility vehicles, (suv) and pick-bus, are becoming more and more popular with consumers. Fischer also remains bullish on the use of aluminum in packaging, such as aluminum cans. "Aluminum is still the packaging choice for many brands," he said, adding that the market is likely to grow in the coming years. Novelis will pay about $2.6 billion for Aleris, the American aluminium rolling products maker, and is still in the regulatory process, but is expected to close the deal within 9 to 15 months after Novelis announced its acquisition plan on July 26, Mr Fischer said.
To help raise capital, Novelis last week struck a commitment with banks to provide up to $775 million in incremental five-year term loans and up to $1.5 billion in one-year short-term transitional loans.
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