Global aluminium company Novelis has said that its first quarter performance was strong and that it plans to open its new German recycling mill in October.
The company reported net income excluding certain tax-effected items was up 43 per cent to $30 million (£17.9 million) and Q1 adjusted EBITDA increased 15 per cent compared to the prior year to $235 million (£140 million).
Novelis said that its new recycling centre in Nachterstedt in Germany that will produce 400 kilotonnes of aluminium sheet ingot from recycled material annually, and will be the world’s largest, will begin commissioning in October.
The plant, next to its existing mill on the site, will take processed used beverage cans and other types of aluminium scrap from across Europe.
From its current facility at Nachterstedt, Novelis has already sold out the additional 120 kilotonnes of auto finishing capacity it is building.
It expects this new line will be commissioned at the end of 2015.
Novelis president and chief executive Phil Martens said: “Demand trends continue to be favourable and our investments in rolling, recycling and automotive sheet finishing lines have positioned the company well to capture growth in our core can sheet and speciality markets as well as the emerging automotive business.
“Our new global auto finishing lines will allow us to maintain our leadership position in the technically demanding, high-growth automotive aluminium sheet market, while growing our premium product portfolio.”