Oryx Stainless increased its turnover by 6.25% in its financial year ending on December 31, 2011, the Netherlands-based stainless scrap trader said last week.

Total turnover for the period rose to €850 million ($1.13 billion), according to a company statement.

Oryx handled 470,000 tonnes of stainless steel scrap in 2011, a 5% year-on-year increase, the company said.

“The 2011 financial year was dominated by a very volatile nickel price, which makes up 80% of the price for a tonne of stainless steel,” the company said.

To offset this volatility, a new location in Asia has been operating since February this year.

The expansion supports the group’s strategic focus on supplying scrap from the Asia/Pacific region to local customers.

“We want to broaden our position in the global trade, with stainless steel scrap as a source of raw material in a steadily increasing market,” executive director Michael Pawlowski said.

Elfi Middelbeek 
emiddelbeek@metalbulletin.com