Novelis targets debt reduction as it aims to bring leverage below 4x

By fiscal year-end, Novelis expects its net leverage ratio to fall beneath four times, as they wind down their peak capital expenditure efforts. As of the June quarter, the adjusted net debt to adjusted EBITDA ratio was recorded at 4.5 times. Moreover, operations have resumed at the Oswego hot mill, with ongoing insurance recoveries. Novelis is optimistic about generating positive free cash flow before the year concludes.