Metals mining and smelter company Umicore described its recycling business as “resilient” in 2023, noting it was “below the exceptional performance” of the year before but still above pre-2020 levels.
In a Feb. 16 investor call, CEO Mathias Miedreich said that 2023 “was a successful year for Umicore, where we have been able to demonstrate again agility and resilience in a tough environment.”
In its full-year report, the Belgium-based company reported that the recycling division’s adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to €372 million ($403 million USD; all following figures in USD), down 30% year over year. The division handles scrap circuit boards and other feedstock streams.
Recycling revenue in 2023, excluding metal, was $1.1 billion, down from $1.2 billion in 2022.
A press release noted that the decrease reflected “substantially declining” platinum group metals prices over 2023, “as well as the impact of cost inflation mainly in the first half of the year.”
“In a challenging market environment, the Recycling segment delivered an overall robust performance,” the press release added.
The company recovers a number of metals from scrap materials at its smelting and refining complex in Hoboken, Belgium, including printed circuit boards (PCBs) from North America. The company is forecasting that the recycling segment in 2024 “will feel the effect of a less favorable precious metal price environment” and the adjusted EBITDA “will be below the level of the previous year, still well above the pre-2020 levels and in line with current market expectations.”
Overall, Umicore reported a slightly lower year-over-year revenue of $4.2 billion, compared to $4.6 billion in 2022 and $4.5 billion in 2021. In 2023, the overall company EBITDA was $1.1 billion, down from $1.3 billion in 2022.
