The Aurubis Group (Aurubis) generated very good operating earnings before taxes (EBT) of € 261 million in the first nine months of fiscal year 2014/15 (previous year: € 75 million). Operating return on capital employed (ROCE) reached an excellent 18.7 % (previous year: 4.2 %).
Higher treatment and refining charges for the input materials copper concentrate and copper scrap, much higher sulfuric acid prices worldwide, a higher cathode premium and the strong US dollar contributed to the very good results in particular. Furthermore, we operated our facilities with high productivity, a very good metal yield and a favorable mix of input materials. The operating result includes a reversal of the extraordinary effect of € 18 million from the second quarter that weighed on earnings.
The markets for our copper products varied once again: while European demand for copper rod and shapes was consistently good, demand for flat rolled products was restrained in Europe and the US.