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.....

Latest Pricing Trends


Are you stocking more inventory today than 18 months ago?


View previous results