<article><a style="color: #000080;" href="http://www.dealstreetasia.com/?s=Novelis+Inc" target="_blank" rel="noopener noreferrer">Novelis Inc</a>, a leading company in aluminum rolling and recycling, has formed a joint venture with Japanese firm <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=Kobe+Steel+Ltd" target="_blank" rel="noopener noreferrer">Kobe Steel Ltd</a>, the company said in a release.</article>

<a style="color: #000080;" href="http://www.dealstreetasia.com/?s=Novelis+Inc" target="_blank" rel="noopener noreferrer">Novelis Inc</a>, a leading company in aluminum rolling and recycling, has formed a joint venture with Japanese firm <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=Kobe+Steel+Ltd" target="_blank" rel="noopener noreferrer">Kobe Steel Ltd</a>, the company said in a release.
The deal is expected to close in September 2017 and is subject to customary closing conditions.
For this JV, <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=Aditya+Birla+Group" target="_blank" rel="noopener noreferrer">Aditya Birla Group</a>’s Canadian subsidiary Novelis will sell 50 per cent stake in its Ulsan, South Korea facility to Kobe Steel for $315 million.
Through the new venture called Ulsan Aluminum Ltd, Novelis and Kobe Steel will jointly operate the Ulsan facility, with a responsibility for its metal supply and commercial relationships, according to the statement.
The facility is located in the Korean industrial hub of Ulsan and employs around 600 people. It focuses on the production of rolled aluminium sheet for a variety of Asian markets.
&#8220;As a company, we constantly identify business opportunities that allow us to deliver maximum value across our global operations and we continue to see Asia as a strategic market,&#8221; said Steve Fisher, president and CEO of Novelis.
Kobe Steel in engaged in diversified business and operates into three core areas of materials, machinery and electric power.
Novelis Inc, a global leader in aluminum rolled products and the largest recycler of aluminum, operates in 10 countries. The company supplies premium aluminum sheet and foil products to transportation, packaging, construction, industrial and consumer electronics markets throughout North America, Europe, Asia and South America.
It employs around 12,000 people and reported a $10 billion revenue in fiscal year 2016.
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Novelis Inc, a leading company in aluminum rolling and recycling, has formed a joint venture with Japanese firm Kobe Steel Ltd.

India: Novelis forms JV with Kobe Steel, sells 50% in Ulsan Aluminium for $315m

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India: Novelis forms JV with Kobe Steel, sells 50% in Ulsan Aluminium for $315m

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