Norddeutsche Affinerie AG, the largest copper producer in Europe, announced that its earnings this year will be significantly less than it had expected. The company attributed the decline to a slump in demand, as well as lower prices for the metal.
Earlier this year NA said net income would probably fall from $23 million it earned in the year through September 2002. In May, Norddeutsche said the profit decline this year would probably be ``significant.''
``In the difficult situation on the raw materials and product markets, Norddeutsche Affinerie will presumably break even for the year as a whole,'' the company said.
Hamburg-based Norddeutsche has been suffering from falling demand in Europe and the U.S., as well as higher energy costs. The company's Huettenwerke Kayser recycling unit has also come under pressure because of increased demand for scrap in Asia. The recycling unit posted a loss of around $7.4 million.