Aurubis Posts Strong First Half Results for 2023/24 with Increased Investments

Aurubis AG, a leading global provider of non-ferrous metals, reported an operating EBT (earnings before taxes) of €243 million in the first half of the fiscal year 2023/24, showing a slight improvement over the previous year's €239 million. This result comes despite challenges such as lower income from refining charges and a significant rise in legal and consulting costs due to previous criminal activities against the company. Improved revenues from wire rod and lower energy costs contributed positively to the company's financial outcomes.

The company highlighted a robust quarter that helped offset a weaker start in the fiscal year. Aurubis reported an operating return on capital employed (ROCE) of 10.0%, affected by the costs related to criminal activities in the past and substantial investments in strategic projects. Among these projects, the company is focusing on its ASPA and BOB recycling projects in Belgium and a new production stage at its Aurubis Richmond plant in the U.S., aiming to boost its recycling capacity.

Aurubis continues to implement its growth strategy by doubling its investment in new projects to €317 million over the past six months, planning further expansion in facilities and environmental initiatives. CEO Roland Harings emphasized the strong operational performance fostered by diversified supply sources and continuous high demand for copper products.

The company maintains a positive outlook for the year, expecting an operating EBT between €380 and €480 million, with plans to manage a temporarily tight supply situation effectively. Notably, Aurubis is preparing for a significant maintenance shutdown at its Hamburg plant, aimed at further enhancing operational efficiency and sustainability.