HAMBURG – Aurubis, Europe's biggest copper smelter, is still on the lookout for acquisitions, its CE said on Thursday.
"We want to, in addition to internal growth, also strengthen by reasonable acquisitions," Juergen Schachler said in an advanced release of a speech to the company’s meeting of shareholders.
Aurubis had in January made its first major acquisition since 2011, taking 100% control of German copper wire and rod maker Deutsche Giessdraht by acquiring the 40 percent stake held by Chile's Codelco.
Schachler repeated his previous forecast for the group’s performance in the current financial year.
"We expect operating EBT (earnings before taxes) for fiscal year 2017/18 at the very good previous year’s level and a slightly lower operating return on capital employed compared to fiscal year 2016/17,” Schachler said.
Operating EBT is the key indicator of the group’s performance, reducing distortions such as swings in metal prices.