Novelis Inc. announced in May that it has entered into a joint venture agreement with Kobe Steel, Ltd., a producer of aluminum rolled products in Japan. The joint venture, to be named Ulsan Aluminum, Ltd., will be formed by Novelis selling Kobe Steel 50 percent of its ownership interest in its Ulsan, South Korea facility for US $315 million. Through the venture, Novelis and Kobe Steel will jointly own and operate the Ulsan facility, with each company remaining responsible for its metal supply and commercial relationships.
Located in the industrial hub of Korea, Novelis’ Ulsan facility currently focuses on the production of rolled aluminum sheet for a variety of markets in Asia. The plant recently completed a major expansion, adding a new three-stand hot finishing mill as well as a pusher furnace and annealing furnaces.
