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Aurubis

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For the fabulous metal mentioned in the ancient writings of Plato on the legend of Atlantis, see Orichalcum.
Aurubis AG
Company typeAktiengesellschaft
FWB: NDA1
MDAX
IndustryMetals and Mining
PredecessorNorddeutsche Affinerie
Founded1866 (as Norddeutsche Affinerie AG until 2009)
Headquarters
Hamburg
,
Germany
Area served
Europe, USA, Asia
Key people
Toralf Haag (CEO),[1] Fritz Vahrenholt (Chairman of the supervisory board)[2]
ProductsCopper extraction, recycling of copper and precious metals, manufactured copper products
Revenue€ 17.14 billion (2023/2024)[3]
Number of employees
6,979 (September 30, 2024)[3]
WebsiteAurubis.com
Aerial view of the headquarters in Hamburg
The sites of Aurubis AG

Aurubis AG (formerly Norddeutsche Affinerie AG) is a global supplier of non-ferrous metals and one of the world's largest copper recyclers. The company processes complex metal concentrates, scrap, organic and inorganic metal-bearing recycling materials, and industrial residues into metals. Aurubis produces more than 1 million tons of copper cathodes per year, and from these, a variety of products, such as wire rods, continuous cast shapes, profiles, and flat rolled products in copper and copper alloys. Aurubis also produces a range of other metals, including precious metals such as selenium, lead, nickel, tin, and zinc. The portfolio includes other products, such as sulfuric acid and iron silicate.

Following Norddeutsche Affinerie AG's acquisition of the Belgian copper producer Cumerio on February 18, 2008, the company was renamed Aurubis on April 1, 2009.

Aurubis has about 6,900 employees, European and USA production sites, and a worldwide sales network.

Aurubis shares are listed in the Prime Standard Segment of the German Stock Exchange, the MDAX, the Global Challenges Index (GCX), and the STOXX Europe 600.

History

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Origins and development up to the World War I

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The historical roots of Aurubis go back to 1770.[4][5] The predecessor of Aurubis initially smelted coins and precious metal alloys.[4] After the occupation of the then precious metal trading center Amsterdam from 1795, the company benefited from the tense situation on the precious metal market before it was also blocked by French occupiers due to the occupation of Hamburg from 1806.[6][7]

From around 1830, Hamburg shipowners began to bring copper ore back from North and South America on the return voyages of their emigrant ships, creating a lucrative market.[8] Over time, production shifted to the smelting of ores.

After the great fire of Hamburg (1842)[9], demand for metals rose again, especially for copper as a non-combustible building material, for example for roofs.[6] In 1846, Joh. Ces. Godeffroy & Sohn acquired a stake in Beit, Marcus und Salomon, Gold- und Silberscheider, the forerunner of Aurubis. The joint company was called Elbkupferwerk.[10][5][11] An economic upswing led to the founding of Elbhütten-Affinier- und Handelsgesellschaft in 1856, whereby the Elbkupferwerk and Beit's main plant were merged.[12][13] Around 1860, the new company accounted for more than 50% of total German copper production with around 3000 tons per year.[14] From 1857 to 1864/1865, due to collapsing demand, falling metal prices and declining ore returns, the plant's activities were first successively curtailed and finally shut down completely.[15][5] Together with Norddeutsche Bank, a consortium led by Ferdinand Beit founded Norddeutsche Affinerie AG on April 28, 1866 and took over the now closed Beit's maint plant.[16][5] Norddeutsche Bank was the main shareholder of the new company with 75% of the shares.[17]

Electrolysis at Peute around 1910

In the course of the foundation of the German Reich in 1871 and the introduction of the Reich-wide single currency in 1873, the company returned to the affination of coins, as previously issued coins had to be recycled to a certain extent.[18] In 1908, the expansion and relocation of the Norddeutsche Affinerie to the Peute, an industrial area in today's Hamburg-Veddel, began.[18][5] The final move and complete demolition of the old works took place in 1913.[18] During this upheaval, the new major shareholders Frankfurter Metallbank and Metallurgische Gesellschaft and Deutsche Gold- und Silber-Scheideanstalt (later Degussa) joined in, whereupon Norddeutsche Bank's shareholding was reduced to 50%.[19][5]

The time of the world wars

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With the outbreak of World War I in 1914, the blockade of the North Sea by the British Royal Navy increasingly dried up the supply of raw materials and primary products, while at the same time the demand for war equipment increased.[19] Initially, voluntary metal donations were processed into war material. Later, expropriated household items as well as church bells and organ pipes were also melted down through the influence of a state-owned company.[20][21] During the war, Belgian and Russian prisoners of war were also employed as forced labourers[5].

After the end of World War I in 1918, the Norddeutsche Affinerie was affected by the transition to a peacetime economy, labor shortages, high inflation and outdated equipment. In 1921, major investments were made in the site. In 1926, the British Metal Corporation acquired a 26% stake in Norddeutsche Affinerie, while two years later 51% of Chemiefabrik J. E. Devrient AG was acquired and incorporated into the Group. Despite the Great Depression starting in 1929, the company proved resilient and was able to expand its product range[22].


Following the Nazi seizure of power in 1933, the Jewish members of the management board Richard Merton, Julius Levisohn, and Heinrich Wohlwill were forced to step down.[23]: 39  The Norddeutsche Affinerie profited from increased public investment and expanded its business significantly. By 1939, the company had provided nearly half the German copper demand and employed 1450 people.[23]: 37  In the aftermath of the November pogroms, the company took part in processing gold that was extorted from Jewish owners.[23]: 39–40  In 1939, Wilhelm Avieny of Metallgesellschaft and Hermann Schlosser, CEO of Degussa, were appointed to leading positions on the supervisory board of Norddeutsche Affinerie. Both were early supporters of the NSDAP and linked to Nazi politics due to the importance of their respective companies.[23]: 39  During World War II, Norddeutsche Affinerie was an essential supplier to the munitions industry and used forced labor to maintain production. At its peak in July 1944, 806 out of 1900 employees were forced laborers.[23]: 41 

Norddeutsche Affinerie took over 91% of the Belgium copper producer Cumerio on 18 February 2008 after a lengthy dispute with the Austrian A-TEC Industries. A squeeze-out completed the acquisition of Cumerio on 15 April 2008.[24]

In May 2023, a serious industrial accident occurred at Aurubis's primary copper smelter plant in Hamburg. Following a nitrogen leak during regular maintenance, three fatalities were reported.[25]

Activities

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Cross section of an Aurubis copper billet produced by continuous casting: radial crystallite structure revealed after etching.

Aurubis processes metal concentrates into primary products for the processing industry. Copper is the most important metal. Gold, silver, lead, tin and zinc as well as the by-metals tellurium, selenium and platinum group metals are also processed. Aurubis also recycles metals that are found in particular in industrial residues and electrical and electronic devices. Copper plays the largest role here as a scrap metal. The company sells metal products (especially copper products), sulphuric acid and by-products from the production processes. Continuous cast wire rod and continuous cast products in various formats are the most important products.[26]

Shares

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Aurubis shares belong to the Prime Standard segment of the German Stock Exchange (Deutsche Börse) and are included in the MDAX and STOXX Europe 600, among others.

Share allocation (Status: April 29, 2025):[27]

Environmental protection

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Environmental and climate protection are among the key targets of Aurubis' corporate strategy and are outlined in the company guidelines. Beyond compliance with legal requirements, voluntary commitments like the chemical industry's "Responsible Care" initiative are important instruments for continuously improving environmental and health protection performance at Aurubis. A uniform environmental standard was created and implemented for the Aurubis Group. The environmental management system at all of the main sites in the Aurubis Group is ISO 14001 certified. The Hamburg and Lünen sites, as well as Schwermetall Halbzeugwerk, are EMAS certified.[28]

In the past 30 years, a total of €359 million has been invested in environmental protection measures at the Hamburg site. Five agreements on improving environmental protection and increasing energy efficiency have been concluded with the Hamburg State Authority of Urban Development and Environment and successfully implemented. In February 2011, a sixth emission reduction agreement was concluded between Aurubis and the city of Hamburg. This sixth agreement comprises environmental protection measures with a capital expenditure totaling about €20 million and is in effect until 2016.

Aurubis, formerly Norddeutsche Affinerie, is considered to be the biggest heavy metal emitter in northern Germany. In the early 1980s, arsenic and cadmium, in particular, were shown to be present in the wastewater discharge and in the stacks’ exhaust air.[29] In 1985, an arsenic scandal occurred in Hamburg when heavy metals accumulated in the soil in eastern Hamburg, especially in agricultural areas. The scandal became a scandal because the Hamburg authorities tried to conceal it. The environmental protection group Physik-Geowissenschaften took water and soil samples showing that arsenic, cadmium, copper, zinc, and other heavy metals had accumulated in the harbor mud in front of the plant and were still entering the river Elbe in 2005 through cracks in the embankment.

In August 2020, Aurubis signed a contract with the Norwegian mining company Nussir ASA. The company plans to mine about 2 million tons of ore annually over the next 15 years. Several environmental and human rights organizations have criticized the project.[30] In the Society for Threatened Peoples (STP) statement, the problem is expressed as follows: "The Sami, who keep reindeer herds in the region of the future Nussir mine, are against new copper mining projects. From their point of view, the plans are to be seen as a violation of their right to free, prior, informed consent. Thus, Aurubis should not fulfill its copper contract with Nussir without the express consent of the Sami reindeer herders. Nils Utsi, chairman of the Repparfjord reindeer herders: The mine is in our animals' delivery room. If it is put into operation, we will lose our herds."[31] In August 2021, Aurubis terminated the contract due to these issues.[32]

Critics of Aurubis' Actions in Russia

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Aurubis has been criticized for continuing some operations in Russia despite the ongoing war in Ukraine. While the company announced in April 2023 that it stopped buying copper from Russia, it has faced criticism for not fully cutting ties with the country. Critics argue that the company’s decision to continue some business activities in Russia shows a lack of full commitment to opposing the war.[33][34]

References

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  1. ^ "Aurubis CEO Haag sieht stabile Kupfernachfrage in USA und Europa und warnt vor Zöllen" [Aurubis CEO Haag sees stable copper demand in the USA and Europe and warns against tariffs]. miningscout.de (in German). 2025-04-29. Retrieved 2025-04-29.
  2. ^ "Scheidender Voith-Chef Haag wird Konzernchef bei Aurubis" [Outgoing Voith CEO Haag becomes CEO at Aurubis]. Manager Magazin (in German). 2024-06-21. Retrieved 2025-04-29.
  3. ^ a b "Annual Report 2023/24" (PDF). www.aurubis.com. Retrieved 2025-04-29.
  4. ^ a b Aurubis AG, ed. (2016), Cu 150.0. Tradition, Expertise, Innovation. 1866–2016. The History of the Copper Group (PDF), München: August Dreesbach Verlag, p. 14, ISBN 978-3-944334-71-4, retrieved 2025-05-27
  5. ^ a b c d e f g Albert Gieseler (2009). "Norddeutsche Affinerie AG - Allgemeines". Kraft- und Dampfmaschinen Blog (in German). Albert Gieseler. Retrieved 2025-05-27.
  6. ^ a b Aurubis AG, ed. (2016), Cu 150.0. Tradition, Expertise, Innovation. 1866–2016. The History of the Copper Group (PDF), München: August Dreesbach Verlag, p. 15, ISBN 978-3-944334-71-4, retrieved 2025-05-27
  7. ^ Janine Kühl (2024-05-31). "1814: Nach Hamburgs Franzosenzeit kommen die Russen" (in German). NDR. Retrieved 2025-05-27.
  8. ^ Aurubis AG, ed. (2016), Cu 150.0. Tradition, Expertise, Innovation. 1866–2016. The History of the Copper Group (PDF), München: August Dreesbach Verlag, p. 20, ISBN 978-3-944334-71-4, retrieved 2025-05-27
  9. ^ Bernhard Sprengel (2021-08-17). "Als Hamburg in Flammen aufging, drohte Lynchjustiz". WELT. Axel Springer Deutschland GmbH. Retrieved 2025-05-27.
  10. ^ Aurubis AG, ed. (2016), Cu 150.0. Tradition, Expertise, Innovation. 1866–2016. The History of the Copper Group (PDF), München: August Dreesbach Verlag, pp. 14, 19–22, ISBN 978-3-944334-71-4, retrieved 2025-05-27
  11. ^ "Die grossen Scheideanstalten & Goldschmelzen. DEGUSSA, HERAEUS, ALLGEMEINE, AURUBIS & Co". GOLDANKAUF BIELEFELD (in German). Sauerland & Stürmann GbR. 2024-06-20. Retrieved 2025-05-27.
  12. ^ Aurubis AG, ed. (2016), Cu 150.0. Tradition, Expertise, Innovation. 1866–2016. The History of the Copper Group (PDF), München: August Dreesbach Verlag, pp. 14, 22, ISBN 978-3-944334-71-4, retrieved 2025-05-27
  13. ^ "'Norddeutsche Affinerie AG − Von der Peute in alle Welt". Handelskammer Hamburg. 2006-07-01. Archived from the original on 2014-11-29. Retrieved 2025-05-27.
  14. ^ Aurubis AG, ed. (2016), Cu 150.0. Tradition, Expertise, Innovation. 1866–2016. The History of the Copper Group (PDF), München: August Dreesbach Verlag, p. 23, ISBN 978-3-944334-71-4, retrieved 2025-05-27
  15. ^ Aurubis AG, ed. (2016), Cu 150.0. Tradition, Expertise, Innovation. 1866–2016. The History of the Copper Group (PDF), München: August Dreesbach Verlag, pp. 23 f, ISBN 978-3-944334-71-4, retrieved 2025-05-27
  16. ^ Aurubis AG, ed. (2016), Cu 150.0. Tradition, Expertise, Innovation. 1866–2016. The History of the Copper Group (PDF), München: August Dreesbach Verlag, p. 24, ISBN 978-3-944334-71-4, retrieved 2025-05-27
  17. ^ Aurubis AG, ed. (2016), Cu 150.0. Tradition, Expertise, Innovation. 1866–2016. The History of the Copper Group (PDF), München: August Dreesbach Verlag, p. 25, ISBN 978-3-944334-71-4, retrieved 2025-05-27
  18. ^ a b c Aurubis AG, ed. (2016), Cu 150.0. Tradition, Expertise, Innovation. 1866–2016. The History of the Copper Group (PDF), München: August Dreesbach Verlag, pp. 25–27, ISBN 978-3-944334-71-4, retrieved 2025-05-27
  19. ^ a b Aurubis AG, ed. (2016), Cu 150.0. Tradition, Expertise, Innovation. 1866–2016. The History of the Copper Group (PDF), München: August Dreesbach Verlag, p. 30, ISBN 978-3-944334-71-4, retrieved 2025-05-27
  20. ^ Aurubis AG, ed. (2016), Cu 150.0. Tradition, Expertise, Innovation. 1866–2016. The History of the Copper Group (PDF), München: August Dreesbach Verlag, pp. 30–32, ISBN 978-3-944334-71-4, retrieved 2025-05-27
  21. ^ Die Enteignung der Kirchenglocken. In: Mecklenburg. Zeitschrift des Heimatbundes Mecklenburg, Volume 12 (1917), pp. 75 ff.
  22. ^ Aurubis AG, ed. (2016), Cu 150.0. Tradition, Expertise, Innovation. 1866–2016. The History of the Copper Group (PDF), München: August Dreesbach Verlag, pp. 32–34, ISBN 978-3-944334-71-4, retrieved 2025-05-27
  23. ^ a b c d e Aurubis AG (2016). Cu 150.0 : Tradition - Expertise - Innovation ; 1866-2016 : the history of the Copper Group : 150 years of the future : Aurubis (PDF). München: August Dreesbach Verlag. ISBN 978-3-944334-71-4. OCLC 953968198.
  24. ^ "Squeeze-out: Cumerio verlässt die Börse". Manager Magazin. 2008-04-15. Retrieved 2015-08-02.
  25. ^ Taylor, Brian. "Aurubis incident in Germany causes three fatalities". Retrieved 10 May 2023.
  26. ^ See
  27. ^ "Aurubis Aktie" [Aurubis share]. boerse.de (in German). Retrieved 2025-04-29.
  28. ^ [1][dead link]
  29. ^ "Aktie unter der Lupe: Die Norddeutsche Affinerie hat guten Draht zu Analysten" (in German). Handelsblatt.com. 2001-08-22. Retrieved 2015-08-02.
  30. ^ "Countermotions for the (virtual) Annual General Meeting on February 11, 2021 in Hamburg" (PDF). www.aurubis.com. Archived from the original (PDF) on 2021-05-02.
  31. ^ "Annual general meeting of copper group Aurubis".
  32. ^ "Aurubis and Nussir terminate memorandum of understanding regarding future concentrate supply". www.aurubis.com.
  33. ^ "Aurubis CEO says has stopped buying copper from Russia". Reuters. Archived from the original on 2023-09-28. Retrieved 2025-02-03.
  34. ^ "leave-russia.org - Checking Your Browser". leave-russia.org. Retrieved 2025-02-03.
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