Major rolled aluminum companies Novelis and Ball Corp. both are optimistic that long-term demand for beverage cans is durable, driven by substitution for glass or plastic containers as well as strength in new beverage categories.
Novelis is working to restart its Oswego plant in New York “within the next few weeks, well ahead of our previous estimate of the end of June,” CEO Steve Fisher said. The site experienced fires in September and November 2025.
The company also is commissioning its new $5 billion rolling and recycling plant in Bay Minette, Alabama.
In Oregon, Ball Corp. plans to commission its Millersburg facility in late 2026, and CEO Ron Lewis said the new capacity was a result of a long-term offtake agreement with one of the company’s biggest customers. “So that plant’s capacity is spoken for, for many, many years to come when we build it.”
Lewis added that Ball would not build a new plant without a long-term contract for the vast majority of planned nameplate capacity. The company could build another plant in North Carolina, as a result of a major customer’s growth, he said. “But I wouldn’t get too excited about it, because it won’t be in the next several years.”
Currently Ball is operating its plants in the mid to high 90s% rates and is “volume constrained” in North America and Europe. Lewis said all the company’s volumes are committed through 2026, 90% is sold for 2027, and about 50% sold through 2030.
He also said brand promotions for this summer’s World Cup games and 250th birthday celebrations for the US would be “no worse than neutral” for the company’s demand outlook, “and we think it will be a net positive for us.”
Both Ball and Novelis pointed to the sharp rise in US aluminum tariffs as a major driver of raw materials costs.
However, Novelis saw more negative impact, as it experienced a $143 million headwind as it imported aluminum to make up for downtime since the September and October fires at Oswego.
