Eramet: Strong increase in 2021 first-half results

  • Strong increase in Group EBITDA to €293m in H1 2021, including intrinsic progress of more than €110m.
  • Positive Free Cash-Flow (“FCF”) of €111m; reduction in net debt to €1.2bn at 30 June 2021..
  • Net income, Group share at €53m.
  • Stable manganese ore prices. Favourable price environment for manganese alloys and nickel, partly offset by the strong increase in freight prices and the negative currency impact.
  • First-half well oriented with a good operating performance:
  • Continued organic growth in manganese ore production in Gabon (+13%), and favourable change in the manganese alloys mix in favour of refined products.
  • Excellent performance of Weda Bay Nickel : nearly 7 Mwmt of nickel ore produced, with an acceleration in growth dynamics and a contribution of €70m to Group FCF.
  • Mining production low season accentuated by particularly unfavourable weather conditions in New Caledonia.
  • Continued adaptation of the High-Performance Alloys division to the aerospace market environment which is still depressed. EBITDA improvement: significantly reduced loss versus H1 2020.


  • Validation of the commitment to reduce CO2 emissions by 40% for 2035.
  • Outlook:
  • Mining production targets maintained in Gabon and New Caledonia, with a considerably more favourable seasonality in H2, and revised upwards for Weda Bay Nickel.
  • Forecast EBITDA over the year revised up: considering a particularly favourable price environment for manganese alloys and a revised consensus for 2021 of average manganese ore (CIF China 44%) prices at $5.01/dmtu and LME nickel prices at $7.9/lb , forecast EBITDA would be more than €850m.

Christel BORIES

Eramet Group Chair and Chief Executive Officer

We achieved a promising first half-year, driven by good operating performance and an overall high price environment. We remained focused on cash generation and, thanks to progress made in all our businesses, our debt decreased at end-June. 

These results show that the Group’s transformation started four years ago is delivering success: our business fundamentals are improving and our strategic roadmap is progressing and is consistent with a strong environmental, social and societal commitment addressing global as well as local challenges.

On-site, employees are bringing about change by combining performance and the positive contribution of our activities to surrounding communities. Building on this momentum, we enter with confidence the second semester with very good prospects, both in terms of results and cash generation.