Novelis Korea

Kobe Steel and Novelis Korea completed arrangements to establish Ulsan Aluminum, Ltd., a 50-50 joint venture in Ulsan, South Korea, to produce aluminum rolled products with a capacity of approximately 300,000 tons per year.

Novelis Inc. entered into a joint venture agreement with Kobe Steel, Ltd., selling 50% ownership in its Ulsan, South Korea facility for $315 million. The joint venture, Ulsan Aluminum, Ltd., will jointly own and operate the facility.