Chief govt Toralf Haag, who assumed his submit one month in the past, stated the corporate would consider executing its €1.7 billion ($1.9 billion) capital expenditure program, which features a new recycling plant in the USA.
“For the subsequent two years we’ll deal with our inner initiatives and the implementation of our main capex program,” he stated in an interview throughout trade gathering London Steel Change Week.
“After that we might have a look at additional growth, both by M&A or constructing additional recycling vegetation,” Haag stated.
“One other prime precedence is to realize again the belief from our stakeholders.”
Aurubis launched a brand new recycling plant within the US state of Georgia final month, however it will take till the 2026/27 fiscal 12 months to succeed in full manufacturing of 70,000 metric tons a 12 months of blister copper.
Haag stated he anticipated an enchancment in spot remedy costs, charges paid to smelters for changing focus to steel, throughout the course of subsequent 12 months.
Smelters have confronted extreme shortages this 12 months and spot remedy costs turned damaging in April for the primary time since 2013, in line with value ranking company Fastmarkets.
Aurubis might be impacted by anticipated low remedy costs for calendar 12 months 2025, nevertheless it didn’t have issue in sourcing uncooked supplies as a result of it had long-term provide offers in place, Haag stated.
Haag stated there have been no new developments when requested a couple of report in June in a German enterprise publication that main shareholder Salzgitter had beforehand regarded into the potential of buying extra shares in Aurubis.
German metal group Salzgitter holds a 29.9% stake in Aurubis.
“We didn’t have any discussions with Salzgitter and we don’t see any new developments,” Haag stated.
When requested concerning the stance of Aurubis if Salzgitter was enthusiastic about rising its stake or buying the corporate, Haag stated: “We must be impartial, we have now to do what’s finest for our shareholders.”
($1 = 0.9049 euros)
(By Eric Onstad and Michael Hogan; Enhancing by Mark Potter)