Copyright indiatimes
Mining giant Hindalco said that the September fire at its aluminium recycling unit Novelis' New York plant will impact its cash flow for 2026 by $550 million-$650 million.The hot mill at the Oswego plant is expected to restart by December end of this year followed by a 4-6 week of production ramp-up, the company said in a regulatory filing on Wednesday. Hindalco unit aims to restart facility in Dec; posts 27% rise in Q2 profit but Ebitda falls on US tariff hit Fire at Hindalco's Novelis plant in Oswego, NYOn September 16, a fire broke out at the Hindalco's Novelis plant in Oswego, New York. None of the factory workers were injured. However, the damage from the fire was primarily localized to the hot mill area. "Teams have been working around-the-clock torestore operations at Oswego quickly and safely, while leveraging alternative resources to minimize customerdisruption," the company said in a statement.Live Events“We are grateful for the swift response and dedication of our teams, as well as the collaboration of our customers,industry peers, and equipment suppliers,” Steve Fisher, president and CEO, Novelis Inc. said. “Despite this unexpected challenge, we remain confident inthe strength of our business, the resilience of our team, and our ability to adapt and recover.”The company announced its earnings after market hours in India. Shares of Hindalco Industries ended down 1.8% at ₹830.7 on the BSE. Hindalco Industries is set to announce its earnings on Friday.Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) Read More News onhindalcohindalcoaluminium recycling unitfire at hindalco factorynovelis plantOswegocash flowmininghot mill (Catch all the Business News, Breaking News and Latest News Updates on The Economic Times.) Subscribe to The Economic Times Prime and read the ET ePaper online....moreless (You can now subscribe to our Economic Times WhatsApp channel)Read More News onhindalcohindalcoaluminium recycling unitfire at hindalco factorynovelis plantOswegocash flowmininghot mill(Catch all the Business News, Breaking News and Latest News Updates on The Economic Times.) Subscribe to The Economic Times Prime and read the ET ePaper online....moreless
