Novelis is still buying some aluminium from Rusal under contracts agreed before Russia invaded Ukraine, but since the war started last year it has shunned new deals with the Russian firm, the US-based company's Chief Executive Steve Fisher told Reuters. Rusal's aluminium will again come under the spotlight as the industry meets next month for what is known in the industry as the mating season, when producers, consumers and traders agree deals to buy and sell aluminium for 2024.
LONDON - Novelis is still buying some aluminium from Rusal under contracts agreed before Russia invaded Ukraine, but since the war started last year it has shunned new deals with the Russian firm, the US-based company's Chief Executive Steve Fisher told Reuters.
Novelis buys much of its primary aluminium metal from Canada and it gets "insignificant" quantities from Rusal, Fisher said, declining to detail quantities or say when its existing contracts with the Russian producer would expire. Recycled aluminium uses 95% less energy than primary aluminium on average. Canadian aluminium and Russian aluminium mostly use hydropower, which significantly reduces emissions.
Of the 3.8-million metric tons of aluminium Novelis consumed in the year to March 2023, around 2.3-million tons was recycled.
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