Atlanta’s rolled aluminium firm Novelis Inc. began construction on a new US$50 million recycling center in the Republic of Korea (South Korea) this week.
The groundbreaking at the construction site in Ulsan was attended by several officials from local government jurisdictions as well as representatives from Novelis. The recycling plant, which is being built by Ulsan Aluminium, Novelis’ joint venture with Kobe Steel, will help the firm meet the ever-increasing global demand for low-carbon aluminium in the beverage can, automotive, and high-end specialty aluminium sectors.
Upon completion, the plant will increase Novelis’ recycling capacity on the Korean Peninsula to 440 thousand metric tons per annum, a boost of over 20 percent.
Novelis’ new recycling plant will have a production capacity of 100 thousand metric tons per annum of low-carbon sheet aluminium ingot upon completion in 2024 according to the firm. The plant is expected to cut the company’s carbon emissions by over 420 thousand metric tons each year.
President of Novelis Asia Sachin Satpute elaborated upon the company’s decision to build the new recycling plant in a related press release.
“As the world leader in sustainable, low-carbon rolled aluminum solutions, we are focused on accelerating the transition of the aluminum industry to a circular economy model through the increased use of recycled content in our products. Doing so will reduce our carbon footprint – as well as that of our customers and industry as a whole – and lead us closer to realizing our 2050 goal for carbon neutrality.”
Novelis is a subsidiary of Mumbai’s Hindalco Industries Ltd. Based in Atlanta, the firm accounts for almost half of Hindalco’s consolidated revenue. The world’s largest recycler of aluminium, Novelis conducts operations in ten different countries, employs around eleven thousand people, and reported US$17.1 billion in net sales for the most recent fiscal year.