Novelis, Kobe Steel forge $315M South Korean partnership
May 11, 2017
Industrial Supplies and Parts | Ulsan, South Korea | Corporate Acquisition
Novelis, an aluminum rolling and recycling subsidiary of Hindalco Industries (NSE: HINDALCO), has entered a joint venture with Kobe Steel (TKO: 5406), a producer of aluminum rolled products in Japan, to acquire a 50% stake in Novelis' Ulsan facility in South Korea for $315 million. Novelis and Kobe Steel will each be independently responsible for its metal supply and commercial relationships.