French non-ferrous metals group Metaleurop, reporting a deeper first-half loss, said on Friday it would redirect activities to focus exclusively on recycling non-ferrous metals.
Metaleurop posted a $22.8 million net first half loss, up from a loss of $18 million at the same point last year.
Sales fell to $289 million from $334.55 million, driven mainly by a drop in zinc prices.
"Metaleurop has decided to turn its activities exclusively towards recycling on three markets: lead, zinc, steel scrap, oxides and zinc dust," the company said in a statement. Metaleurop said the new strategy combined with lower costs and debt "should permit the group to return to profit in reasonable market conditions," but did not give a timeframe.
The company confirmed it would transform its Noyelles-Godault plant in northern France into a 100 percent recycling plant and sell its zinc production plant based in Nordenham in Germany which produces around 135,000 metric tons of primary zinc a year.
Earlier this summer the company said that next year the Novelles-Godault plant would produce around 70,000 metric tons of recycled zinc, primarily from scrap from other facilities, compared with 90,000 metric tons of primary zinc output previously.
It also plans to cut its recycled lead production to 105,000 metric tonsfrom 140,000 metric tons previously.
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