Aurubis Shares Fall After Cut to Richmond Earnings Outlook

Aurubis AG reported a solid nine-month performance, with operating earnings before tax (EBT) rising 31% to €374 million. The German metals group also reaffirmed its full-year guidance, citing strong metal prices and healthy demand for products.

However, the company's shares fell 6.54% to $178.70 after it cut the medium-term earnings profile for its U.S. Richmond recycling smelter. Aurubis said the project will take longer to ramp up than expected, with a slower-than-expected technical ramp-up and feed mix differences from the original plan.

Chief Executive Toralf Haag emphasized that Richmond remains strategically important, but acknowledged the challenges in getting it online. He pointed out that the U.S. market is attractive over the long term, especially with rising copper demand from data centers, energy infrastructure, and defense.