Copper producer Aurubis to shun takeovers, rebuild trust, new CEO says
By Eric Onstad
LONDON, Oct 1 (Reuters) -Europe's biggest copper producer Aurubis NAFG.DE will shun takeovers and focus on internal projects for the next two years as it seeks to rebuild the trust of its stakeholders after a turbulent period, its new CEO said on Tuesday.
The company was rocked by a scandal last year when its copper was stolen by an organised crime ring and last week it warned investors of weaker profits next fiscal year.
Chief Executive Toralf Haag, who assumed his post one month ago, said the company would concentrate on executing its 1.7 billion euro ($1.9 billion) capital expenditure programme, which includes a new recycling plant in the United States.
"For the next two years we'll focus on our internal projects and the implementation of our major capex programme," he said in an interview during industry gathering London Metal Exchange Week.
"After that we could look at further expansion, either through M&A or building further recycling plants," Haag said.
"Another top priority is to gain back the trust from our stakeholders."
Aurubis launched a new recycling plant in the U.S. state of Georgia last month, but it would take until the 2026/27 fiscal year to reach full production of 70,000 metric tons a year of blister copper.
Haag said he expected an improvement in spot treatment charges, fees paid to smelters for converting concentrate to metal, during the course of next year.
Smelters have faced severe shortages this year and spot treatment charges turned negative in April for the first time since 2013, according to price rating agency Fastmarkets.
Aurubis will be impacted by expected low treatment charges for calendar year 2025, but it did not have difficulty in sourcing raw materials because it had long-term supply deals in place, Haag said.
Haag said there were no new developments when asked about a report in June in a German business publication that major shareholder Salzgitter SZGG.DE had previously looked into the possibility of acquiring more shares in Aurubis.
German steel group Salzgitter holds a 29.9% stake in Aurubis.
"We did not have any discussions with Salzgitter and we do not see any new developments," Haag said.
When asked about the stance of Aurubis if Salzgitter was interested in increasing its stake or acquiring the company, Haag said: "We would have to be neutral, we have to do what's best for our shareholders."
($1 = 0.9049 euros)
Reporting by Eric Onstad; Additional reporting by Michael Hogan in Hamburg; Editing by Mark Potter
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