Aluminum Recycling Center Near Fashion Fair Mall.

Novelis to build aluminum recycling centre in South korea

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Hindalco Industries' wholly owned subsidiary Novelis will invest approximately $50 million to build a recycling centre with annual casting capacity of 100 kilotonnes of low-carbon canvas ingot at its Ulsan Aluminium joint venture in Southward Korea.

Fully funded by Novelis, the Ulsan Recycling Middle will have an annual casting capacity of 100 kilotonnes of low-carbon canvass ingot. Once online, Novelis expectsthe recycling center to reduce the company'due south carbon emissions by more than 420,000 tons each year.

Novelis, which already operates Asia's largest aluminum recycling center in Yeongju, Republic of korea, as well as the earth's largest aluminum recycling centre in Nachterstedt, Germany, is making this investment in additional recycling capacity to run into the growing global need for sustainable aluminum products.

In January, the company besides announced it would build a new U.S. recycling center in Guthrie, Kentucky.

Using recycled aluminum equally input material requires simply 5% of the free energy used to brand primary aluminum, thus avoiding 95% of the carbon emissions associated with product.

Structure of the Ulsan Recycling Center is expected to begin in October, with commissioning expected in early 2024.

Sachin Satpute, executive vice president, Novelis, and president, Novelis Asia, said: The establishment of the Ulsan Aluminum Recycling Center is an important investment to help us attain our ambition of becoming the earth's leading provider of sustainable, low-carbon aluminum solutions.

By increasing the apply of recycled content, nosotros are committed to reducing our carbon footprint also as that of our customers and the broader industry, and accelerating aluminum'south transition to a fully circular economic system.

Hindalco Industries, the metals flagship visitor of the Aditya Birla Grouping, is the world'south largest aluminium rolling and recycling company, and a major copper player. Information technology is also ane of Asia's largest producers of chief aluminium.

The company reported a 96% jump in consolidated cyberspace profit to Rs iii,675 crore in Q3 FY22 from Rs 1,877 crore reported in Q3 FY21. Consolidated revenue from operations grew by 44% to Rs 50,272 crore in Q3 FY22 from Rs 34,958 crore posted in Q3 FY21.

The scrip shed 0.31% to currently trade at Rs 510.35 on the BSE.

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(This story has not been edited past Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Tue, February 22 2022. 12:25 IST

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