Aurubis plans to focus on cost management and emissions reduction while improving its earnings and profitability in 2021.
The company’s chief executive officer Ronald Harings stated in a speech published on Feb 10 that although the company is financially strong, it expects to achieve a cost reduction of €100mn this year, while working towards a 70pc reduction in emissions at its Hamburg plant. The company has invested €100mn on the latter and the project is expected to be completed by 2023.
The German copper producer’s operating earnings in FY2021 rose by 15pc to €221mn (267.8mn) compared to the previous year despite being hit by the pandemic. Recently the company announced that its copper output in the first quarter of FY2020 ending December 31, 2020, grew by 24pc to 607,000mt compared to the same period in FY2020.
Harings added that the company would continue to foster its strong supply chain and sales channels to achieve its projected operating earnings of €270-330mn this year after coming off a strong first quarter that has given the company a better market perspective.
Aurubis is a German copper producer with an output of more than 1mn t (907,184mt) of copper cathode annually.
(€1 = $1.21)