May 2026
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Largest Metals & Mining Public Companies in Germany
Benchmark revenue and EBITDA valuation multiples for public comps like
Aurubis, thyssenkrupp, Aperam, Salzgitter and Pearl Gold.
 | Aurubis AG produces copper, using raw materials which include copper concentrates and recycling materials. The company also produces precious metals such as gold and silver and a range of other products, including sulfuric acid and iron silicate, as byproducts of copper production. Revenue is predominantly generated through the sale of continuous cast wire rods, copper cathodes, precious metals, and continuous cast shapes, used in the manufacture of cables and wires, which are used in electrical applications. It has two segments, Multimetal Recycling and Custom Smelting & Products, which is the key revenue-generating segment. The company is based in Germany and has production sites across Europe and the United States. | $239 | +168% | $10B | $10B | 0.5x | 9.1x | ||
| thyssenkrupp AG is a diversified industrial group with steel operations and capital goods and services businesses. Its segment includes Materials Services, Decarbon Technologies, Automotive Technology, Steel Europe, and Marine Systems. Automotive Technology is one of the German suppliers and engineering partners to the international automotive industry. Decarbon Technologies covers the businesses of Rothe Erde, Uhde, Polysius, and the majority investment in thyssenkrupp Nucera. Material Services includes the distribution of mill-independent materials, distributors, and services. Steel Europe concentrates on the market for high-quality flat carbon steel. Marine Systems is a supplier for submarine and surface vessel construction. it generates the majority of Revenue from Materials Services. | $12 | +25% | $8B | $4B | 0.1x | 1.3x | ||
| Aperam SA is a Luxembourg-based stainless and specialty steel producer. The company operates through four segments. Its stainless and electrical steel segment, which generates the majority of revenue, produces a wide range of stainless and electrical steel products, and also special carbon products. Its service and solutions segment markets the company's products and provides customized steel transformation services. Its alloys and specialties segment produces nickel alloys and certain specific stainless steels. The Recycling & Renewables segment collects, trades, processes and recycles stainless steel scrap and high-performance alloys. Geographically the company generates revenue from Europe, Americas, and Asia & Africa. | $55 | -- | $4B | $5B | 0.7x | 13.2x | ||
| Salzgitter AG is a German-based steel & technology company. The segments of the company are Steel Production, Steel Processing, Trading, & Technology business. The majority is derived from the Steel Production segment which manufactures high-quality branded steel & special steel. The Steel Processing Business Unit produces a broad spectrum of high-grade plate products. The Trading Business Unit operates a tightly-knit European sales network & trading companies & agencies that ensure that Salzgitter Group’s products & services are marketed efficiently. The Technology Business Unit operates in the filling & packing technology segment, as well as in special machinery engineering for shoe manufacturing & elastomer production. Geographically, the majority is derived from domestic markets. | $63 | +161% | $3B | $4B | 0.4x | 7.7x | ||
| Pearl Gold AG is a holding company. It invests and develops gold mining projects in West Africa. The company focuses on the exploration and production of gold and operates the Kodieran Gold Mine around 300 km southeast of Bamako. | $0 | -48% | $9M | $8M | — | (5.1x) | ||
| Ceritech AG is engaged in the exploration of tech and energy metals. | $5 | -9% | $1M | $1M | — | (45.9x) | ||
| Median | $34 | +25% | $4B | $4B | 0.4x | 4.5x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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