"I'm honored to accept the Vision for America Award on behalf of the 12,300 employees of Novelis," said Philip Martens, president and COO, upon receiving the 24th annual award. "The recycling of beverage cans is an important part of our business; however, it is also a simple action individuals can take every day that greatly impacts the well-being of our communities and future generations."

"Through its global recycling programs, Novelis has demonstrated its commitment to increasing access to and advancing the public's awareness of recycling," said Keep America Beautiful President and CEO Matthew M. McKenna. "With substantial savings of energy, carbon emissions, and natural resources, recycling is the best way for all individuals to play a role in improving the environment."

"Through its global recycling programs, Novelis has demonstrated its commitment to increasing access to recycling, and advancing the public's awareness of recycling of aluminum and of all materials," said Barry Caldwell, senior vice president of government affairs and corporate communications of Waste Management, Inc., and chairman of Keep America Beautiful. "Social responsibility is also a core value of Novelis, and the company truly supports a 'triple bottom line' approach to its global operations - encouraging not just profitability, but progress in the environment and in society."

Among the many factors in KAB's selection of Novelis was the company's commitment to volunteerism. To encourage and assist employees to volunteer their time in support of community organizations as individuals and through team-based projects, Novelis identifies and organizes volunteer opportunities within each of its communities.

Beyond recycling and volunteerism, Novelis is committed to reducing its energy consumption and greenhouse gas emissions. Beginning in 2005, Novelis established a set of environmental sustainability objectives focused on three annual measures:

-- Reduce landfill waste generation by 6 percent per year

-- Improve energy efficiency by 2 percent per year

-- Reduce greenhouse gas emissions by 2 percent per year

As part of these commitments, which extend through 2012, every Novelis facility is mandated to develop an energy-saving initiative each year.

Keep America Beautiful saluted Novelis for taking its role as a significant corporate citizen seriously through its ongoing commitment to the environment and communities.

Keep America Beautiful, Inc. is a volunteer-based community action and education organization.

Novelis Inc. is a provider of aluminum rolled products and aluminum can recycling. The company operates in 11 countries, has approximately 12,300 employees and reported revenue of $10.2 billion in fiscal year 2009. Novelis supplies premium aluminum sheet and foil products to automotive, transportation, packaging, construction, industrial, electronics and printing markets throughout North America, South America, Europe and Asia. Novelis is a subsidiary of Hindalco Industries Limited, an Asian integrated producer of aluminum and a copper producer. Hindalco is a flagship company of the Aditya Birla Group, a multinational conglomerate based in Mumbai, India.

((Comments on this story may be sent to newsdesk@closeupmedia.com))

    <<

    (Logo: http://www.newscom.com/cgi-bin/prnh/20070809/NOVELISLOGO )

    >>

Results for the second fiscal quarter included $254 million of unrealized gains on derivatives as compared to $299 million of gains in the immediately preceding first quarter of fiscal 2010, and $221 million of losses in the corresponding three-month period a year ago. The company uses these derivatives primarily to hedge exposures to fluctuations in aluminum prices related to customer fixed-price contracts as well as fluctuations in other commodities and currencies.

Shipments of aluminum rolled products totaled 693 kilotonnes for the quarter, an increase of nearly 7 percent over shipments of 650 kilotonnes for the immediately preceding first quarter. Shipments increased across each of the company's four geographic regions, with the most significant increases in sequential quarter shipments recorded in Europe and South America.

Net sales for the second quarter reached $2.2 billion, an increase of more than 11 percent over net sales for the immediately preceding first quarter of fiscal 2010, driven primarily by higher metal prices and modest increases in demand. Net sales for this year's second quarter were 26 percent lower than net sales of $3.1 billion posted during the same period a year ago, the result of industry-wide reductions in year-over-year demand for aluminum and the corresponding impact of lower metal prices.

"I am pleased to report that Novelis continued to make strong improvements in virtually all aspects of operational performance during the most recently completed quarter," said Phil Martens, President and Chief Operating Officer for the company. "I am particularly pleased that the effects of our cash management and operational efficiency initiatives continue to generate measurable returns across Novelis' global operations. We believe these initiatives are gaining traction as we continue to refine our business model, positioning Novelis for improved performance as we prepare to take advantage of future growth in demand for our premium rolled products around the globe."

Financial highlights of the company's overall performance for the second fiscal quarter include:

    <<


    --  Pre-tax earnings of $301 million for the second fiscal quarter grew 10
        percent over the $273 million in pre-tax earnings recorded for the
        first quarter of the fiscal year, and compare to a pre-tax loss of
$272
        million posted for the same period a year ago.


    --  Adjusted EBITDA for the second quarter of fiscal 2010 grew to $200
        million, an increase of 61 percent over adjusted EBITDA of $124
million
        recorded for the first quarter of the fiscal year, and an increase of
        125 percent over adjusted EBITDA of $89 million posted for the same
        three-month period a year ago.


    --  Liquidity improved to $555 million at the end of the second fiscal
        quarter, representing an increase of $109 million, or 24 percent, over
        liquidity of $446 million reported at the close of the first fiscal
        quarter. The improved liquidity resulted primarily from net cash
        generated from operating activities and proceeds from the completion
of
        the company's $185 million offering of Senior Unsecured Notes on
August
        11, 2009, $94 million of which was used to pay down other debt.

    >>

Steve Fisher, Chief Financial Officer for Novelis, pointed to the progress made by the company in reducing conversion costs as a key contributor to Novelis' improved financial results for the second quarter. "We continue to make significant progress in reducing conversion costs through internal cost controls, ongoing restructuring initiatives and the benefits of overall cost deflation," said Fisher. "Among the conversion costs that showed measurable declines again this quarter were costs related to labor, energy, alloys, hardeners and coatings."

Other factors impacting the company's financial performance for the second quarter include:

    <<


    --  Aluminum prices continued to rise during the second quarter, with the
        average price of aluminum on the London Metal Exchange (LME) in the
        second quarter reaching $1,805 per metric ton, an increase of 21
        percent from the average price on the LME of $1,488 in the first
        quarter.  Despite the rise of aluminum prices over the past few
        quarters, average prices remain 35 percent lower than the average LME
        price of $2,792 per metric ton for the same period a year ago.


    --  Price and product mix improvements more than offset volume reductions
        as compared to the same three-month period a year ago.


    --  Second quarter cash flow was reduced by $54 million as a result of
        metal price ceilings previously negotiated with a major customer which
        expire at the end of the current calendar year.  Effective January 1,
        2010, the company's contracts no longer contain metal price ceilings.


    --  Second quarter results were also impacted by a $26 million reduction
in
        tax expense related to reserves for withholding tax issues in the U.S.
        and $3 million in restructuring charges.

    Quarterly Report on Form 10-Q
    >>

The results described in this news release have been reported in detail on the company's Form 10-Q on file with the SEC, and investors are directed to that document for a complete explanation of the company's financial position and results through September 30, 2009. The Novelis Form 10-Q and other SEC filings are available for review on the company's website at www.novelis.mediaroom.com under "SEC Filings".

    <<

    Second Quarter Earnings Conference Call

    >>

Novelis will discuss its second quarter results via a live webcast and conference call for investors at 10:00 a.m. EST on Tuesday, November 3, 2009. Participants may access the webcast at https://cc.callinfo.com/r/1bt3w091e5f7x. To join by telephone, dial toll-free in North America at 800 908 0783 or international toll line +1 212 231 2903. Access information may also be found at www.novelis.com.

    <<

    About Novelis

    >>

Novelis Inc. is the global leader in aluminum rolled products and aluminum can recycling. The company operates in 11 countries, has approximately 12,000 employees and reported revenue of $10.2 billion in fiscal year 2009. Novelis supplies premium aluminum sheet and foil products to automotive, transportation, packaging, construction, industrial, electronics and printing markets throughout North America, South America, Europe and Asia. Novelis is a subsidiary of Hindalco Industries Limited (BSE: HINDALCO), one of Asia's largest integrated producers of aluminum and a leading copper producer. Hindalco is a flagship company of the Aditya Birla Group, a multinational conglomerate based in Mumbai, India. For more information, please visit www.novelis.com.

    <<

    Non-GAAP Financial Measures

    >>

This press release and the presentation slides for the earnings call contain non-GAAP financial measures as defined by SEC rules. We think that these measures are helpful to investors in measuring our financial performance and liquidity and comparing our performance to our peers. However, our non-GAAP financial measures may not be comparable to similarly titled non-GAAP financial measures used by other companies. These non-GAAP financial measures have limitations as an analytical tool and should not be considered in isolation or as a substitute for GAAP financial measures. To the extent we discuss any non-GAAP financial measures on the earnings call, a reconciliation of each measure to the most directly comparable GAAP measure will be available in the presentation slides filed as Exhibit 99.2 to our Current Report on Form 8-K furnished to the SEC concurrent with the issuance of this press release. In addition, the Form 8-K includes a more detailed description of each of these non-GAAP financial measures, together with a discussion of the usefulness and purpose of such measures.

Attached to this news release are tables showing the Condensed Consolidated Statements of Operations, Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Cash Flow, Liquidity, and Reconciliation to Adjusted EBITDA.

    <<

    Forward-Looking Statements

    >>

Statements made in this news release which describe Novelis' intentions, expectations, beliefs or predictions may be forward-looking statements within the meaning of securities laws. Forward-looking statements include statements preceded by, followed by, or including the words "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," or similar expressions. Examples of such statements in this news release include, among other matters, the positive outlook for our business, improvement in our financial performance, the impact of operational efficiency initiatives, the projected growth in demand for aluminum rolled products, and the positioning of the company to take advantage of such growth in demand for aluminum rolled products. Novelis cautions that, by their nature, forward-looking statements involve risk and uncertainty and that Novelis' actual results could differ materially from those expressed or implied in such statements. We do not intend, and we disclaim any obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise. Factors that could cause actual results or outcomes to differ from the results expressed or implied by forward-looking statements include, among other things: changes in global economic conditions, the level of our indebtedness and our ability to generate cash; relationships with, and financial and operating conditions of, our customers and suppliers; changes in the prices and availability of aluminum (or premiums associated with such prices) or other materials and raw materials we use; the effect of metal price ceilings in certain of our sales contracts; our ability to successfully negotiate with our customers to remove or limit metal price ceilings in our contracts; the effectiveness of our metal hedging activities, including our internal used beverage can and smelter hedges; fluctuations in the supply of, and prices for, energy in the areas in which we maintain production facilities; our ability to access financing for future capital requirements; continuing obligations and other relationships resulting from our spin-off from Alcan; changes in the relative values of various currencies; factors affecting our operations, such as litigation, environmental remediation and clean-up costs, labor relations and negotiations, breakdown of equipment and other events; economic, regulatory and political factors within the countries in which we operate or sell our products, including changes in duties or tariffs; competition from other aluminum rolled products producers as well as from substitute materials such as steel, glass, plastic and composite materials; our ability to maintain effective internal control over financial reporting and disclosure controls and procedures in the future; changes in the fair value of derivative instruments; cyclical demand and pricing within the principal markets for our products as well as seasonality in certain of our customers' industries; changes in government regulations, particularly those affecting taxes, environmental, health or safety compliance; changes in interest rates that have the effect of increasing the amounts we pay under our principal credit agreements and other financing arrangements; and the development of the most efficient tax structure for the Company. The above list of factors is not exhaustive. Other important risk factors are included under the caption "Risk Factors" in our Amendment No.1 to our Registration Statement on Form S-4, as filed with the SEC on October 20, 2009, and may be discussed in subsequent filings with the SEC. Further, the risk factors included in our Amendment No.1 to our Registration Statement on Form S-4, as filed with the SEC on October 20, 2009, are specifically incorporated by reference into this news release.

    <<
    Exhibit I
                                 Novelis Inc.
    >>

    <<
                 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                                 (unaudited)
                                (In millions)
    >>

    <<
                                               Three Months     Six Months
                                                  Ended            Ended
                                               September 30,   September 30,
                                               -------------   -------------
                                               2009    2008    2009    2008
                                               ----    ----    ----    ----
    Net sales                                 $2,181  $2,959  $4,141  $6,062
                                              ------  ------  ------  ------
    Cost of goods sold (exclusive
     of depreciation and amortization
     shown below)                              1,728   2,791   3,261   5,622
    Selling, general and administrative
     expenses                                     83      89     161     173
    Depreciation and amortization                 92     107     192     223
    Research and development expenses              9      10      17      22
    Interest expense and amortization of debt
     issuance costs                               44      46      87      91
    Interest income                               (3)     (5)     (6)    (10)
    (Gain) loss on change in fair value
     of derivative instruments, net              (80)    185    (152)    120
    Restructuring charges, net                     3       -       6      (1)
    Equity in net (income) loss of
     non-consolidated affiliates                  10      (2)     20       -
    Other (income) expenses, net                  (6)     10     (19)     33
                                                 ---      --    ----      --
                                               1,880   3,231   3,567   6,273
                                               -----   -----   -----   -----
    Income (loss) before income taxes            301    (272)    574    (211)
    Income tax provision (benefit)                87    (168)    199    (133)
                                               -----   -----   -----   -----
    Net income (loss)                            214    (104)    375     (78)
    Net income attributable to
     noncontrolling interests                     19       -      37       2
                                               -----   -----   -----   -----
    Net income (loss) attributable to
     our common shareholder                     $195   $(104)   $338    $(80)
                                               =====  ======   =====   =====
    >>

Exhibit II

    <<
                     CONDENSED CONSOLIDATED BALANCE SHEETS
                                 (unaudited)
                     (in millions, except number of shares)
    >>

    <<
                                                    September 30,  March 31,
                                                       2009          2009
                                                       ----          ----
                                  ASSETS
    Current assets
     Cash and cash equivalents                         $246          $248
     Accounts receivable (net of allowances of $4
      and $2 as of September 30, 2009 and March
      31, 2009, respectively)
      - third parties                                 1,206         1,049
      - related parties                                  13            25
     Inventories                                        929           793
     Prepaid expenses and other current assets           50            51
     Fair value of derivative instruments               171           119
     Deferred income tax assets                          37           216
                                                      -----         -----
    Total current assets                              2,652         2,501
     Property, plant and equipment, net               2,769         2,799
     Goodwill                                           611           582
     Intangible assets, net                             786           787
     Investment in and advances to
      non-consolidated affiliates                       764           719
     Fair value of derivative instruments, net of
      current portion                                    48            72
     Deferred income tax assets                           5             4
     Other long-term assets
      - third parties                                    95            80
      - related parties                                  24            23
                                                      -----         -----
    Total assets                                     $7,754        $7,567
                                                     ======        ======
    >>

    <<
                 LIABILITIES AND SHAREHOLDER'S EQUITY
    Current liabilities
     Current portion of long-term debt                  $49           $51
     Short-term borrowings                              177           264
     Accounts payable
      - third parties                                   881           725
      - related parties                                  55            48
     Fair value of derivative instruments               145           640
     Accrued expenses and other current liabilities     428           516
     Deferred income tax liabilities                     12             -
                                                        ---           ---
    Total current liabilities                         1,747         2,244
     Long-term debt, net of current portion
      - third parties                                 2,596         2,417
      - related parties                                   -            91
     Deferred income tax liabilities                    518           469
     Accrued postretirement benefits                    528           495
     Other long-term liabilities                        354           342
                                                      -----         -----
    Total liabilities                                 5,743         6,058
                                                      -----         -----
    >>

Commitments and contingencies

    <<
     Shareholder's equity
     Common stock, no par value; unlimited number
     of shares authorized; 77,459,658 shares
     issued and outstanding as of September 30, 2009
     and March 31, 2009                                   -             -
     Additional paid-in capital                       3,497         3,497
     Accumulated deficit                             (1,592)       (1,930)
     Accumulated other comprehensive loss               (22)         (148)
                                                      -----         -----
    Total Novelis shareholder's equity                1,883         1,419
    Noncontrolling interests                            128            90
                                                      -----         -----
    Total equity                                      2,011         1,509
                                                      -----         -----
    Total liabilities and shareholder's equity       $7,754        $7,567
                                                     ======        ======
    >>

    <<
    Exhibit III
                                 Novelis Inc.
                           CONDENSED CONSOLIDATED
                          STATEMENTS OF CASH FLOWS
                                 (unaudited)
                                (in millions)
    >>

    <<
                                                          Six Months Ended
                                                            September 30,
                                                            -------------
                                                          2009         2008
                                                          ----         ----
    Net cash provided by (used in) operating activities   $464        $(390)
    Net cash provided by (used in) investing
     activities (A)                                       (442)          52
    Net cash provided by (used in) financing activities    (39)         251
                                                          ----         ----
    Net decrease in cash and cash equivalents              (17)         (87)
    Effect of exchange rate changes on cash balances
     held in foreign currencies                             15          (20)
    Cash and cash equivalents - beginning of period        248          326
                                                          ----         ----
    Cash and cash equivalents - end of period             $246         $219
                                                          ----         ----
    >>

    <<
    (A)  Investing activities for the six months ended September 30, 2009
         includes $416 million of net outflow from settlement of derivative
         instruments.  The six months ended September 30, 2008 includes net
         inflow of $94 million from settlement of derivative instruments.
    >>

    <<
    Exhibit IV
                                   Novelis Inc.
               Liquidity as of September 30, 2009 and March 31, 2009
                                  (in millions)
    >>

    <<
                                                    September 30,  March 31,
                                                       2009          2009
                                                       ----          ----
    Cash and cash equivalents                          $246          $248
    Overdrafts                                          (11)          (11)
    Gross availability under the ABL facility           400           233
    Borrowing availability limitation due to fixed
     charge coverage ratio                              (80)          (80)
                                                       ----          ----
    Total estimated liquidity                          $555          $390
                                                       ====          ====
    >>

Exhibit V

    <<
    Reconciliation from Net Income (Loss) Attributable to our Common
    Shareholder to Adjusted EBITDA
    >>

    <<
    Novelis is providing disclosure of the reconciliation of reported non-GAAP
    financial measures to their comparable financial measures on a GAAP basis.
    >>

    <<
    (in millions)                                  Three Months Ended
                                                   ------------------
                                           September     June 30,    September
                                            30, 2009       2009      30, 2008
                                           ---------     --------    ---------
    Net income (loss) attributable to our
     common shareholder                      $195          $143       $(104)
    Interest, net                             (41)          (40)        (41)
    Income tax (provision) benefit            (87)         (112)        168
    Depreciation and amortization             (92)         (100)       (107)
    Noncontrolling interests                  (19)          (18)          1
                                             ----          ----        ----
    EBITDA                                    435           413        (125)
    >>

    <<
    Unrealized gain (loss) on derivatives     254           299        (220)
    Proportional consolidation                (17)          (16)        (18)
    Restructuring  charges, net                (3)           (3)          -
    Others costs, net                           1             9          24
                                              ---           ---         ---
    Adjusted EBITDA                          $200          $124         $89
                                             ====          ====        ====



    >>

SOURCE: Novelis Inc.

Media: Charles Belbin, +1-404-814-4260, charles.belbin@novelis.com, or Investors:
Randy Miller, +1-404-814-4259, randy.miller@novelis.com, both of Novelis Inc. Web
Site: http://www.novelis.com

Drummond was previously Vice President, Global Human Resources, for the National Basketball Association. He will report directly to the President and Chief Operating Officer, Novelis Inc., and will be a member of both the Executive Committee and the Executive Human Resources Committee. He will also be responsible for the Corporate Communications function.

"I am extremely pleased to announce the appointment of such a talented and experienced individual as Eric," said Phil Martens, president and chief operating officer. "He will lead the formulation and implementation of the company's worldwide Human Resources objectives, policies and practices. In addition, he will be deeply involved in talent development to further ensure that Novelis is well-positioned to compete in an ever-changing and challenging global environment."

Drummond started his career at Ingersoll-Rand taking on progressively more senior roles in human resources within the manufacturing arena. He later worked in various Human Resources roles at PepsiCo, Coors Brewing, RJ Reynolds/Japan Tobacco and Linde Gases. Drummond holds a B.S. degree in Employment and International Relations as well as a Masters degree in Labor and Industrial Relations, both earned at Michigan State University.

About Novelis

Novelis Inc. is the global leader in aluminum rolled products and aluminum can recycling. The company operates in 11 countries, has approximately 12,000 employees and reported revenue of $10.2 billion in fiscal year 2009. Novelis supplies premium aluminum sheet and foil products to automotive, transportation, packaging, construction, industrial, electronics and printing markets throughout North America, South America, Europe and Asia. Novelis is a subsidiary of Hindalco Industries Limited (BSE: HINDALCO), one of Asia's largest integrated producers of aluminum and a leading copper producer. Hindalco is a flagship company of the Aditya Birla Group, a multinational conglomerate based in Mumbai, India. For more information, please visit www.novelis.com.

SOURCE Novelis Inc.

http://www.novelis.com

    <<

    (Logo:  http://www.newscom.com/cgi-bin/prnh/20070809/NOVELISLOGO )

    The audio portion of the meeting will be available via telephone at:
    Toll-free North America: 800 908 0783
    Toll International: +1 212 231 2903

    Participants may access the live presentation slides via the web at:
    https://cc.callinfo.com/r/1bt3w091e5f7x

    >>

To test the compatibility of your browser and network connections in advance, please visit:

    <<
    http://test.callinfo.com.

    >>

Participants should dial in 10-15 minutes in advance of the call to complete the registration process. The call will also be available for replay following the meeting at www.novelis.com.

    <<

    About Novelis
    >>

Novelis Inc. is the global leader in aluminum rolled products and aluminum can recycling. The company operates in 11 countries, has approximately 12,300 employees and reported revenue of $10.2 billion in fiscal year 2009. Novelis supplies premium aluminum sheet and foil products to automotive, transportation, packaging, construction, industrial, electronics and printing markets throughout North America, South America, Europe and Asia. Novelis is a subsidiary of Hindalco Industries Limited (BSE: HINDALCO), one of Asia's largest integrated producers of aluminum and a leading copper producer. Hindalco is a flagship company of the Aditya Birla Group, a multinational conglomerate based in Mumbai, India. For more information, please visit www.novelis.com.

    <<




    >>

SOURCE: Novelis Inc.

Media, Charles Belbin, +1-404-814-4260, charles.belbin@novelis.com; or Investor,
Randy Miller, +1-404-814-4259, randy.miller@novelis.com, both of Novelis Inc. Web
Site: http://www.novelis.com