Ford Faces $1 Billion Hit After New York Aluminum Plant Fire, Analysts Reportedly Say
Synopsis
According to a Reuters report, Ford refused to comment on Evercore’s estimates.
Evercore ISI analysts reportedly expect the fire at a New York aluminum plant will erode $1 billion from Ford Motor Co.’s (F) earnings.
According to a Reuters report, Ford refused to comment on Evercore’s estimates. However, it told the news agency that it has been working closely with Novellis and exploring all possible alternatives to minimize potential disruptions.
A large portion of Novelis’ Oswego, New York, aluminum plant was knocked offline until early next year after a September 16 blaze destroyed its hot mill. This section produces aluminum for vehicles. Ford, the plant’s biggest customer, relies heavily on Oswego material for the aluminum-bodied F-150, its most profitable model.
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