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| Chhattisgarh, Ferro‑alloy |
Derichebourg recycling results improved in the first half of the company’s 2025-26 financial year as stronger non-ferrous demand, higher prices and increased metal volumes lifted earnings. The French recycling group reported Ebitda of €177.8mn for October-March, up almost 10% from a year earlier.
Derichebourg recycling results show how metal recyclers are benefiting from two linked forces. Non-ferrous scrap demand remains firm, while European steel policy is encouraging mills to source more feedstock from within the region.
Derichebourg recycling results also point to continued momentum in the second half. The company expects April-September performance to be comparable to the first half and forecasts full-year Ebitda of €350mn-370mn.
The market responded positively to the filing, with Derichebourg’s share price rising above €10 from €9.50 after the results were released.
Non-Ferrous Metals Drive Earnings Growth
Non-ferrous metals were the main earnings driver. Derichebourg sold 357,100t of non-ferrous metals in the first half, up 4.4% from a year earlier.
Revenue from the non-ferrous segment rose by nearly 20% to €1bn. The average non-ferrous price was almost 15% higher than in the same period last year.
Copper sales were especially strong, rising by 17%. Aluminium sales, excluding ingots, increased by 10%, supported by firm industrial demand.
However, the picture was not uniformly positive. Aluminium ingot sales fell by 15%, while lead sales dropped by 4%, mainly because of weaker demand from the automotive industry.
This split matters for recyclers. Copper and aluminium scrap remain exposed to electrification, infrastructure and industrial manufacturing, while automotive weakness can still pressure selected downstream products.
Derichebourg’s non-ferrous performance shows that scrap is becoming a strategic raw material, not only a waste recovery business. Buyers increasingly need reliable recycled metal flows for cost control, carbon reduction and supply security.
CBAM and Steel Quotas Support Ferrous Scrap Outlook
Ferrous scrap revenue fell by 5% to €649.9mn because lower average prices offset higher volumes. Derichebourg sold 2.13mn t of ferrous scrap, up 2.2% from a year earlier.
European mills increased scrap purchases ahead of the Carbon Border Adjustment Mechanism coming into force in January. CBAM has added complexity to imported steel and raw material calculations, pushing some steelmakers toward European suppliers.
The company also expects ferrous scrap demand to strengthen after the EU introduces new steel quotas and customs duties in July. These measures could support regional scrap flows by making local feedstock more attractive.
Turkey also contributed to stronger scrap demand as steel production increased. That remains important because Turkish mills are major seaborne scrap buyers and can influence European collection and export markets.
Derichebourg is also expanding geographically. The company agreed to acquire Germany’s Scholz Recycling, which operates 180 sites including joint ventures across Germany, the Czech Republic, Poland, Slovenia, Austria and Romania.
The deal is expected to close in the second half of 2026. It will strengthen Derichebourg’s recycling network in eastern Europe, where its presence has been smaller.
The acquisition fits the wider market direction. European recyclers are scaling up as policy, carbon rules and industrial demand make scrap supply more valuable.
The Metalnomist Commentary
Derichebourg’s results show that recycling is becoming a policy-supported industrial supply chain. CBAM, steel trade measures and non-ferrous demand are turning scrap networks into strategic assets for European metals security.
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