Hindalco Ind arm Novelis restarts fire-hit Oswego unit in New York state
This story was originally published at 21:28 IST on 10 June 2026
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--Hindalco Ind arm Novelis restarts fire-hit unit in New York state
MUMBAI – Novelis Inc. restarted operations at the fire-hit hot mill unit at Oswego, New York state, Wednesday and is working closely with customers to ramp up supply, its parent, Hindalco Industries Ltd., informed the exchanges. The Oswego plant was hit by fire accidents twice in 2025, once in September and again in November, disrupting production. Both fires were limited to the hot mill area and other critical assets at the plant remained unaffected. The plant was insured for property damage and business interruption losses related to such events, the US arm had said.
In February, the management had told analysts and investors that it expects operations at the plant to be restored in the latter part of Apr-Jun. Novelis had also said it estimates 70-80% of the impact on free cash flow and adjusted earnings per interest, tax, depreciation, and amortisation to be recoverable through insurance. The fire accidents had caused a cash impact of $1.3 billion-$1.6 billion.
Novelis suffered a net loss of $84 million for the March quarter owing to the impact of the fires at the Oswego plant. The net income of the company declined 13% on year to $227 million. It had reported a loss in the December quarter as well, owing to the costs related to the fire incidents, coupled with the hit from US President Donald Trump's tariffs.
For the March quarter on a consolidated basis, Hindalco Industries reported a net profit of INR 25.97 billion on revenue of INR 781.33 billion. Wednesday, its shares ended at INR 1,039.30 on the National Stock Exchange, down 3.5% from Tuesday. End
Reported by Gopika Balasubramanium
Edited by Rajeev Pai
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