Aperam acquisition of ELG receives approval
Aperam acquisition of ELG receives approval
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Luxembourg-based stainless steel producer Aperam S.A. says its pending acquisition of ELG, a Germany-based stainless steel and alloys scrap processor and trader with global operations, has been approved by the European Commission. Aperam says it expects the acquisition to be completed before the end of the year.
On its website, ELG says it is being “sold as a complete group and [will] continue to operate as a fully separate and independent company.”
Outgoing ELG shareholder Franz Haniel & Cie GmbH says, “ELG will continue to serve all of its customers in their best interests. We are looking forward to continuing our business with you in these new circumstances and striving to develop our relationship further.”
On its website, ELG refers to itself as having some 1,270 employees globally who help handle approximately “1.12 million metric tons of recycled raw materials per year.”
In the United States, ELG’s acquisition of Utica, New York-based Utica Alloys Group in 2008 gave it an increased presence in aerospace alloys recycling. It had previously acquired Pittsburgh-based stainless processor Steelmet Inc. in 1985.
Aperam has stainless and electrical steel production capacity of 2.5 million metric tons in Europe and Brazil.
“The acquisition of ELG’s recycling business will further transform and strengthen Aperam,” said Aperam CEO Timoteo Di Maulo when the purchase was proposed in May. “The combination will benefit our stakeholders by creating value in the recycling industry. It will also accelerate Aperam’s expansion into geographies and industries that are complementary to its current portfolio.”
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Source: Recycling Today
Aperam acquisition of ELG receives approval
<![CDATA[Luxembourg-based stainless steel producer Aperam S.A. says its pending acquisition of ELG, a Germany-based stainless steel and alloys scrap processor and trader with global operations, has been approved by the European Commission. Aperam says it expects the acquisition to be completed before the end of the year. On its website, ELG says it is being “sold as a complete group and [will] continue to operate as a fully separate and independent company.”Outgoing ELG shareholder Franz Haniel & Cie GmbH says, “ELG will continue to serve all of its customers in their best interests. We are looking forward to continuing our business with you in these new circumstances and striving to develop our relationship further.”On its website, ELG refers to itself as having some 1,270 employees globally who help handle approximately “1.12 million metric tons of recycled raw materials per year.”In the United States, ELG’s acquisition of Utica, New York-based Utica Alloys Group in 2008 gave it an increased presence in aerospace alloys recycling. It had previously acquired Pittsburgh-based stainless processor Steelmet Inc. in 1985.Aperam has stainless and electrical steel production capacity of 2.5 million metric tons in Europe and Brazil. “The acquisition of ELG’s recycling business will further transform and…