This morning in metals news, Novelis officially closed on its acquisition of Aleris, U.S. steel production is down 4.9% this year and China’s March copper imports picked up 13%.
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Novelis acquires Aleris
Aluminum roller and recycler Novelis Inc. today announced it had closed on its acquisition of Aleris Corporation, a global supplier of rolled aluminum products.
“The Aleris deal marks a major milestone for Novelis, on its path to global leadership,” said Kumar Mangalam Birla, chairman of Aditya Birla Group and Novelis Inc. “The closure of this deal amidst challenging market conditions, reflects our conviction in the Aleris business and its value to our metals portfolio. Periods of turmoil have historically seen the emergence of champions, powered by quality leadership and sound business fundamentals. This is a long- term strategic bet, much like Novelis was in 2007.”
Novelis acquired Aleris at a price tag of $2.8 billion.
Steel production down 4.9%
U.S. steel production this year through April 11 is down 4.9% compared with the same period last year, the American Iron and Steel Institute reported Monday.
U.S. steel production for the period totaled 26.3 million tons at a capacity utilization rate of 77.9%, down from 27.7 million tons and a rate of 81.5% last year.
China’s copper imports spike in March
As China returns to some semblance of normal on the heels of the coronavirus outbreak in the country, the impact can be seen in the country’s massive copper-consuming sector.
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According to Reuters, China’s imports of unwrought copper jumped 13% in March to nearly 442,000 tons.