The recycling division of Belgian metals group Umicore recorded a double-digit drop in sales and earnings in 2013. Division revenues declined from €9.59bn in 2012 to €6.66bn. Recurring earnings before interest and tax decreased by almost €60m to €200m. The group attributed the decline to a sharp drop in metal prices.
The intake of end-of-life materials was down year on year, with lower availability of electronic scrap reflecting increasing competition. This was particularly true in the market for less complex materials, Umicore commented at the release of its annual results on Thursday. The group considers itself well positioned in the high end of the market.
The supply volumes and commercial conditions for recycling automotive catalytic converters remained subdued, but the group maintained a strong position on the market for industrial catalysts, according to Umicore.