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A New aluminum rolling entity located in the industrial hub of Ulsan, South Korea, is the result of a global joint venture project designed to support the increasing demand for high-strength and lightweight aluminum for automotive and specialty products including electronics and building materials in Asia. This comes four years after a major expansion at the site that included a new three-stand hot finishing mill, as well as a pusher furnace and annealing furnaces.
Ulsan Aluminum Ltd. was formed by Novelis, the world leader in aluminum rolling and recycling, selling to Kobe Steel, a producer of aluminum rolled products in Japan, its ownership interest in its Ulsan, South Korea, facility for $315 million. Novelis and Kobe Steel together own the Ulsan Aluminum Ltd. facility, with each company remaining responsible for its own metal supply and commercial relationships.
All 600 employees at the plant are now employed by Ulsan Aluminum. Novelis¡¯ interest in Ulsan Aluminum will remain a key part of its Asian manufacturing interests, which also includes the Yeongju facility in South Korea and the Changzhou facility in China.
¡°This strategic partnership further supports Novelis¡¯ continued commitment to growth in the Asian automotive industry and creates new capabilities to meet the increasing demand for aluminum sheet,¡± said Sachin Satpute, President of Novelis Asia. ¡°Through an increase in operational efficiencies and process enhancements, this partnership will provide our global customers greater access to the numerous benefits of aluminum.¡±
¡°Ulsan Aluminum is committed to providing first-class rolled aluminum products and services to benefit our customers in the region. We will continue to operate with a high-quality and safety-first mentality, and will support the local market with innovative aluminum products,¡± said Jerry Quick, President and CEO of Ulsan Aluminum Ltd.
¡ªThe
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