Industries shares will remain in focus after its subsidiary Novelis Inc. restarted operations at the hot mill of its Oswego, New York facility, which was earlier impacted by a fire incident.
The stock dipped in early deals on Thursday. Hindalco shares opened at ₹1,029.80 on the NSE against the previous close of ₹1,039.30. At 9.56 am, the stock was trading at ₹1,029.30.
In an exchange filing, Hindalco said Novelis has announced that the hot mill at its Oswego facility is now operational.
During the outage, Novelis said it mobilised its global network of hot mills and finishing operations to support customers. Teams across regions worked closely with customers and industry partners to help maintain supply continuity.
“Restarting the Oswego hot mill is an important step forward for our operations and, most importantly, for our customers,” said Steve Fisher, president and CEO of Novelis Inc.
“We are deeply grateful for the flexibility and partnership our customers have shown, as well as the extraordinary efforts of our employees, suppliers and industry peers who came together to support continuity of supply,” he added.
With the hot mill now operational, Novelis said it is working closely with customers to ramp up supply. The company is also accelerating the implementation of a standardized operating system to further strengthen its ability to deliver dependable supply and high-quality products to customers worldwide.