Novelis has fewer supplies of scrap aluminum due to COVID-19 epidemic
Novelis Inc., a Georgia-based industrial aluminum company, said it was facing a supply shortage of recycled material due to the novel coronavirus epidemic, and its financial revenues from using recycled materials also reduced because of weak virgin aluminum prices.
The unpredictable future of the epidemic and macroeconomic impact kept impacting Novelis aluminum business. The firm lost its sufficient supplies of scrap aluminum in some locations.
In addition, Novelis has arranged to stop operations at some of its mills, and it also postponed the capacity expansion plans at its aluminum facility in Guthrie, Kentucky and production plant in China due to the pandemic.
