Stainless scrap giant ELG buys 70% stake in Rimeco

Aug 08, 2005 | 01:54 PM | Ben Garside

German stainless steel scrap giant ELG Haniel has acquired a 70-percent stake in Danish group Rimeco, which owns several yards in northern Russia, as part of its plans to become a dominant player in Russian stainless scrap.

ELG, which operates in 35 locations across four continents and trades about 1.4 million tonnes of stainless steel scrap annually, bought the 70-percent stake July 1 for an undisclosed sum. The remaining shares will be split, with 21 percent kept by Rimeco chief executive officer Peter Riggelsen and 9 percent going to Rimeco's Russian division managing director, Alexander Potapenko, who owned companies that merged with Rimeco in 2003 when the Danish group expanded into Russia.....





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