Novelis Inc. (Novelis) is a manufacturer of aluminum-rolled products. The Company organizes its activities into four business groups. Novelis North America (NNA) manufactures aluminum sheet and light gauge products. End-use applications for NNA include beverage cans, containers and packaging, automotive and other transportation applications, building products and other industrial applications. Novelis Europe (NE) provides European markets with value-added sheet and light gauge products through its 17 operating plants. Novelis Asia (NA) operates three manufacturing facilities in the Asian region and manufactures a range of sheet and light gauge products. Novelis South America (NSA) manufactures various aluminum-rolled products, including can stock, automotive and industrial sheet and light gauge for the beverage/food can, construction and industrial and transportation end-use markets. On January 6, 2005, the Company acquired substantially all of the aluminum-rolled products businesses, as well as certain alumina and primary metal-related businesses in Brazil and four rolling facilities in Europe. Novelis North America During the year ended December 31, 2004, NNA had sales and operating revenues that represented 38% of the Company's total sales and operating revenues, and shipments of 1,175 kilotonnes, including tolled metal, representing 39% of total shipments. In 2004, approximately 60% of NNA's production was directed to beverage can sheet. NNA has three facilities that collect and remelt post-consumer aluminum and recycled process material. Most of the recycled material is from used beverage cans and the material is cast into sheet ingot for NNA's can sheet production plants. NNA has 12 aluminum-rolled products facilities, including three recycling facilities. Novelis Europe In 2004, NE had sales and operating revenues that represented 40% of the Company's total sales and operating revenues, and shipments of 1,089 kilotonnes, including tolled metal, representing 36% of total shipments. NE serves a range of aluminum-rolled product end use applications. Construction and industrial represents the largest end use market in terms of shipment volume by NE. NE supplies plain and painted sheet for building products, such as roofing, siding, panel walls and shutters, where, due to the material's recyclability, aluminum products compare favorably with non-metallic building materials that usually have to be disposed of in landfills after demolition. NE also has packaging facilities at three locations, and in addition to rolled-product plants, NE has distribution centers in Italy and France together with sales offices in several European countries. Novelis Asia In 2004, NA had sales and operating revenues that represented 15% of the Company's total sales and operating revenues, and shipments of 491 kilotonnes, including tolled metal, representing 16% of total shipments. NA production is balanced between the foil products, construction and industrial, and beverage/food can end use markets. Novelis South America NSA operates two rolling plants and two primary aluminum-manufacturing facilities and has an interest in a calcined coke manufacturing facility, each located in Brazil. In 2004, NSA had sales and operating revenues that represented 7% of the Company's total sales and operating revenues, and shipments of 264 kilotonnes, including tolled metal, representing 9% of total shipments. The primary aluminum produced by NSA's mine, refinery and smelters is used by the Company's Brazilian aluminum-rolled products operations, with any excess production being sold on the market in the form of aluminum billets. In 2004, NSA had sales of 30 kilotonnes of primary metal. NSA generates a portion of its own power requirements. NSA also owns options to develop additional hydroelectric power facilities. The Company's competitors include Alcoa, Aleris International, Inc., Wise Metal Group LLC, Norandal Aluminum, Corus Group Plc, Arco Aluminum, Inc., Norsk Hydro A.S.A., Alcan, Corus, Unifus Aluminum Co., Sumitomo