Dear shareholders,
Recently, you have undoubtedly been following Recylex S.A.’s financial releases and also read news about the Group’s financial situation in the press that could have worried you.
All the teams at headquarters as well as our Group managers are fully mobilized
It is true that we have been recently confronted with a market situation that has deteriorated considerably, but above all the production levels of our German sub-group remain unsatisfactory, particularly at the Nordenham BSF furnace.
In this context, we recently informed our financial partners of new cash requirements for 2019. As indicated in our press release published on Tuesday June 25th 2019, our partners have given themselves time to analyse the possible options and their position. All the teams at headquarters as well as our Group managers are fully mobilized on this subject.
We must absolutely continue our efforts
Over the past twelve months, we have taken urgent steps to change our corporate organization. We are developing our relationships with our customers, focusing on our business segments with new employees and managers, with priorities such as innovation, better environmental protection and a new corporate culture at our sites. Initial successes are noticeable, but are not yet translating into the expected good business results, partly due to low lead and zinc prices. In addition, with the support of the new General Manager of Weser-Metall, we must absolutely continue our efforts to improve production at the Nordenham smelter; this is vital for the Group.
I know that these situations require cohesion and determination as well as patience and perseverance
I want to be honest with you and not make empty promises. The reorganization of Recylex will have to continue in the coming months. We need time to complete our recovery and make the Group competitive again. To achieve this, we must rapidly improve our industrial and economic performance by pursuing our ongoing commitment to health, safety and respect for the environment.
Having had the opportunity to experience such challenges several times in my professional life, I know that these situations require cohesion and determination as well as patience and perseverance. I am firmly convinced that the employees of the Recylex Group have all these qualities.
I would like to assure you of my total commitment and that of the group’s teams
I am aware of the challenge before us and the legitimate concern that this situation raises for shareholders and employees alike. I would like to assure you of my total commitment and that of the group’s teams in Germany and France, in order to get through this very difficult period.
Sincerely yours,