off-the-wire

Salzgitter says it has no plans to exit Aurubis

Kitco Media
By Reuters
Published:
Updated:
Reuters
Salzgitter says it has no plans to exit Aurubis teaser image

German steelmaker Salzgitter said on Monday it was not planning to exit its stake in copper producer Aurubis.

Aurubis is a valuable part of Salzgitter’s business and brings “valuable EBITDA to the table”, chief financial officer Birgit Potrafki said.

Salzgitter, which owns 29.99% of Aurubis, said in October it would sell 500 million euros ($583 million) worth of bonds that could be exchanged for 7.6% of Aurubis’ stock, quenching simmering takeover speculation.

($1 = 0.8575 euros)

(By Emanuele Berro and Bernadette Hogg)

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