India’s Hindalco said on Wednesday that a fire at the New York plant of its U.S. unit Novelis will hit the miner’s 2026 cash flow by $550 million to $650 million.
Novelis booked a $21 million charge in the second quarter tied to the incident that occurred in September, and posted a 27% rise in consolidated net profit, the world’s largest recycler of aluminum said on Tuesday.
Hindalco said earlier that no one was injured in the incident and the blaze was contained to the hot mill, which is expected to restart by end-December, followed by a four-to six-week ramp-up.
The Indian miner is due to report second-quarter results on November 7.
Comments
Comments are closed for this article.