Key insights
- Ford's stock saw a 1% increase following news that its key aluminum supplier, Novelis, is restarting its Oswego, NY plant after a nine-month disruption. This facility is the largest domestic supplier of aluminum sheet for the US auto industry. The plant's outage had impacted Ford's F-150 production due to aluminum shortages, affecting inventories. The restart is expected to ease supply constraints for Ford's crucial truck models, potentially boosting future sales and production.
Investing.com -- Ford Motor (NYSE:F) shares rose 1% Wednesday after the Wall Street Journal reported that Novelis, a key aluminum supplier, will restart its upstate New York plant following fires that disrupted production for nine months.
The Novelis facility in Oswego, N.Y., is the largest domestic supplier of aluminum sheet for the U.S. automotive industry, serving about a dozen companies including Ford, General Motors, and Stellantis.
The plant experienced a fire in September that idled the rolling line where aluminum sheet is produced. A second fire in November caused additional damage to the rolling equipment and plant building. The facility produces thin aluminum sheets that are stamped into fenders, hoods and other exterior vehicle parts.
The outage was particularly disruptive for Ford, which uses aluminum for the body of the F-150 pickup truck, America’s bestselling vehicle for decades. The aluminum shortage reduced Ford’s inventories of trucks at its dealers going into summer, typically a busy time for new auto sales.
The plant restart is expected to alleviate supply constraints that have affected production of Ford’s key truck models over the past several months.
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