German steelmaker Salzgitter AG (SZG.XE) Wednesday said it would make use of good share price levels to gradually raise its stake in copper company Aurubis AG (NDA.XE).

This strategy is reflected in Salzgitter raising its stake to over 23% currently from 22.4% at the beginning of the year, Chief Executive Wolfgang Leese told shareholders at the company's annual general meeting.

He didn't rule out raising the Aurubis stake further, but added that Salzgitter isn't necessarily seeking a blocking minority.

Salzgitter, Aurubis' largest shareholder, has previously said it doesn't rule out raising its stake to around 25%.

Both companies have said they have held talks over "industrial and commercial cooperation."

Leese also said he is aiming to join Aurubis' supervisory board in 2009, increasing Salzgitter's representation to two members. Salzgitter's Chief Financial Officer Heinz Joerg Furhmann is already a member of the Aurubis supervisory board.

Company Web site: www.salzgitter-ag.de

-By Martin Rapp and Jan Hromadko, Dow Jones Newswires; +49 69 29 725 503; jan.hromadko@dowjones.com