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Novelis Reaffirms Commitment to Acquisition of Aleris

Metal News - Published on Mon, 09 Sep 2019

Image Source: aninews.in
Novelis Inc the world leader in aluminum rolling and recycling and Hindalco's wholly owned subsidiary reaffirmed its full commitment to closing its proposed acquisition of Aleris Corporation, notwithstanding the US Department of Justice lawsuit to block the transaction. Novelis intends to vigorously defend against the DOJ's challenge, which it believes is without merit.

The DOJ lawsuit is based on the contention that the only relevant competition among automotive body sheet providers is that among aluminum manufacturers such as Novelis and Aleris. It ignores competition from steel automotive body sheet, even though steel automotive body sheet is currently used for nearly 90 percent of the market.

Mr Steve Fisher, President and CEO, Novelis Inc said that "The day-to-day reality of the automotive body sheet market is aluminum automotive body sheet striving to take share from steel, and the steel automotive body sheet companies fighting back. We are disappointed that the DOJ has missed this, but also confident that in the next phase of this process the full scope of the competition we face will be recognized appropriately. Our merger with Aleris threatens no one, and to the contrary will strengthen our ability to compete against steel, meet growing customer demand for aluminum, achieve our recycling goals, and bolster our sustainability platform worldwide."

Source :

Posted By : Rabi Wangkhem on Mon, 09 Sep 2019
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