Revenues were reportedly down as a result of volume growth being offset by strong metal price and currency headwinds. Recurring EBIT was down 15% due to lower metal prices, currency headwinds and higher depreciation charges, partly offset by cost reductions.

Meanwhile, Umicore said it was committed to its longer term growth strategy, with capital expenditures for the period amouting to € 72 million, with the majority of growth investments in catalysis and recycling. Research & development expenditure was € 74 million.

"The execution of our strategy is making good progress,” said Marc Grynberg, CEO. “At the same time we are facing margin pressure in a number of units and are taking action to restore their profitability and competitiveness. Our long-term growth ambitions remain unchanged and I am confident in our unceasing ability as a leading materials technology and recycling player to offer sustainable and innovative solutions to our worldwide customer-base."