Novelis’ aluminum sales fall in FY20
Novelis Inc., a Georgia-based industrial aluminum company, reported its sales of US$11.22 billion in the fiscal year 2020 ended March 31st, lower than US$12.33 billion in the previous year. However, the firm’s earnings during the period reached a record high, totaling US$1.47 billion, a year-on-year increase of 7.3%.
Novelis said that the increase in earnings was due to some profitable conditions and better operational efficiencies for the company, but the figure was partly offset by lower financial benefits from recycled materials due to weak aluminum prices.
