Aurubis AG

Salzgitter returned to profitability in the first half of 2026, reporting €4.6 billion in revenue, €59 million in operating profit and €43 million in net income despite weak European steel demand. Results benefited from wider steel margins, €97 million in P28 cost savings and a €113 million contribution from its Aurubis investment. The company maintained its 2026 guidance of approximately €10 billion in revenue, €725 million to €825 million in EBITDA and €325 million to €425 million in pretax profit, while warning that second-half momentum may moderate due to seasonality, maintenance and the absence of one-time first-half benefits. Salzgitter's acquisition and transformation of HKM is expected to add mid-double-digit millions of euros to second-half earnings, but involves cutting steel capacity from 5 million to 2.5 million metric tons and employment from about 3,000 to 1,000 by 2029. The company plans roughly €900 million of gross investment in HKM's electric-arc-furnace conversion, targeting green-steel production and a 90% CO2 reduction from late 2029.

Aurubis AG reported a 31% increase in operating EBT to EUR374 million for the first nine months of fiscal year 2025-2026, with third-quarter operating EBT rising 23% sequentially to EUR149 million. Group revenues grew 29% to EUR17.8 billion, while gross margin expanded by roughly EUR140 million to about EUR1.7 billion. Management now expects full-year operating EBT at the upper end of its EUR425-525 million guidance range, citing strong contributions from sulfuric acid, recycling, and copper products that offset declining concentrate treatment and refining charges. However, the ramp-up of the Aurubis Richmond recycling plant is taking longer than expected due to technical challenges, leading to a one-year delay in its mid-term earnings profile and a lower EBITDA contribution than originally targeted. Net cash flow was negative EUR28 million for the nine months, and free cash flow before dividends was minus EUR365 million, though the company anticipates a reversal by fiscal year-end.