HAMBURG – Aurubis, Europe's biggest copper smelter, is still seeking growth via acquisitions, CEO Juergen Schachler said on Thursday.

"As a practically debt-free company we possess a comfortable financial scope," Schachler said in an advanced release of a speech to the company's meeting of shareholders in Hamburg.

"But we intend to undertake small or medium-sized acquisitions rather than a large transaction."

Schachler repeated his previous forecast for the 2018/19 financial year, saying operating EBT would be "moderately lower" and that operating return on capital employed would be "slightly lower".

Aurubis last July completed its purchase of the remaining shares in copper wire and rod maker Deutsche Giessdraht.

“Since this first success it has become more quiet around us regarding the subject of acquisitions,” Schachler said. “That does not mean that we are not highly active examining various possibilities.”

“This means that we are doing this very carefully.”

Schachler has launched a multi-metals strategy at Aurubis, which involves expansion into other metals alongside copper.

The EU Commission on February 6 blocked the planned sale of Aurubis’ flat rolled products (FRP) business to Germany’s Wieland and Aurubis said it may seek an alternative buyer.

“We are now examining additional strategic alternatives for this business sector,” Schachler said, adding that the company's primary goal was to see the FRP business "develop well in the long term”.

Schachler said he still expects “fundamentally positive development” in Aurubis’ raw materials and product markets in the current financial year.

On February 13, Aurubis reported its quarterly operating earnings fell by almost half following a series of unplanned plant shutdowns for maintenance.

The company will undertake additional scheduled maintenance shutdowns at its copper plants in Pirdop in Bulgaria and Luenen in Germany in the 2018/19 financial year, Schachler said.

These shutdowns will have an impact on earnings of about 23-million euros, he said.

But the company has achieved a significantly higher level of plant availability than in previous years, Schachler said.

Smelter units in the past suffered several production disruptions a year. This has now been cut to one per year, he said.