Ford Says Latest Fire at Aluminum Plant Won’t Hurt Profits
Plant in New York Is Operating Again After Fire Was Contained
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Ford Motor Co. said thelatest fireat a key aluminum supplier in New York won’t derail its profits this year because the blaze was “swiftly contained” and the plant is operating again.
Ford affirmed that it still expects to earn $6 billion to $6.5 billion before interest and taxes this year, despite a second significant fire this week at the Novelis Inc. aluminum plant in Oswego, N.Y., that supplies the automaker’s top-sellingF-Seriespickup trucks. Ford already lowered its projected profits this year by as much as$2 billionbecause of a fire at the same facility in September.
“As of this morning, the cold mill and heat treatment operations at the Novelis Oswego plant are back up and running,” the companies said in a joint statement Nov. 21. “The facility continues to ship finished material to supply Ford.”
The companies also said that Novelis is building a new plant in Alabama that will begin operations in the second half of next year, which will “strengthen the US aluminum supply chain.”
Ford’s shares rose as much as 4.3% on Nov. 21.
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