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Aurubis again reported positive first quarter

The high demand from the automotive and filled boxes of the electro-industry is the largest company drilling for copper in Europe - Aurubis. The Hamburg-based industrial concern has quadrupled its operating profit for the second business quarter (January to March) to 143 million. Analysts expected profit is about 20 million lower. So, after losing in the first quarter due to damage in one of the furnaces of the concert in Hamburg and planned suspension of production in the Bulgarian plant in Pirdop, the company returned to the winning team in an impressive way. Investors rated it properly and shares listed on the index in Frankfurt MDax added more than 3% of its value. The revenues of the Group have more than doubled because of the extraordinary rise in prices of copper and reached 3.7 billion euros. Stocks of copper Aurubis are worth 80 million euros and also contributed significantly to the positive balance. For the full fiscal year, the company provides operating profit to reach more than 260 million, with about 100 million more than last year. The chairman of the Supervisory Board Bernd Druven already announced his retirement from office at the end of the year, expects high demand for copper will continue. It is due to the rising need for raw materials in China. The growth of Chinese economy will really be a lower rate, but demand for copper will remain high, is convinced Druven. Furthermore machinery-building and automotive use copper to make electronic parts. Restoration activities in Japan after the earthquake would also contribute to higher European demand for copper.
Recently Vilbrand and Peter, a member of the Executive Board responsible for the primary production of copper, said that the recovering economy in emerging markets and Europe and the need for restoration activities in Japan increased demand for copper.
"We will have a shortage of honey this year and the price of copper will rise again in the coming months", said Vilbrand.
Rolled products division of the international metallurgical company Luvata, which Aurubis acquired for 250 million euros, will greatly contribute to the profits of the concern said Druven to Handelsblatt. He believes that as early as the beginning of August anti-monopoly committee will give final approval for the merger. The deal will allow the Group to reduce the gap with world leaders KME and Wieland. With its stake in Luvata it acquires a large plant in the U.S.. Aurubis really is the biggest in Europe copper producer, but still makes a very small part of their 2-billion turnover outside the continent. On the eve of his retirement from the company Druven hopes to initiate a change in this direction.