Commodity trading giant Trafigura Group has been exploring a range of potential deals involving its metals business, as it grapples with the unit’s future following a string of missteps.
Separately, several parties are examining the possibility of a bid for some or all of Trafigura’s metals unit, other people said. However, it’s not clear whether Trafigura would welcome any such approach. A Trafigura spokesperson said: “We remain fully committed to our metals business which is a key part of our energy transition strategy, and we see no reason to comment on market rumor or speculation.”
The company has notched up record profits thanks to the energy crisis triggered by Russia’s invasion of Ukraine, reporting $9.9 billion in net profit in the 12 months through March this year. But its metals unit has struggled to make money: it recorded almost no operating profit in the period from March to September 2022.
Trafigura’s head of metals business development left last month, while several other senior figures in the unit departed in the wake of the nickel fiasco.
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