Goldman Sachs’ swap offer 'no benefit to Novelis' – Madden

Novelis and other aluminium consumers will not benefit from Goldman Sachs’ offer to swap metal in warehouse queues with available material, as they have no metal in the queues, Nick Madden, senior vp and chief supply chain officer at Novelis, told Metal Bulletin.

“Goldman Sachs approached us with this proposal last week, but since Novelis has no metal in the queue and the offer pertains only to cancelled warrants, it is of no benefit to Novelis or our customers,” he said.
On Thursday August 2, Goldman Sachs said that it had offered to swap any aluminium held by consumers in the delivery queue in Metro warehouses for immediately available aluminium that it had sourced directly from producers. 

Cohn then told CNBC that not one...

Published

Jethro Wookey

August 02, 2013

13:25 GMT

London