LONDON Specialty Metals Trading SA (SMT) is buying a stake in Apex Material Technologies LLC.
"SMT will take a one-third share in the Chicago-based copper, nickel and cobalt recycling and production company ... effective June 30," the Brussels-based trading company said June 27.
Apex, which is well-known for producing high-grade copper oxide, has expanded into recycling copper and nickel, as well as cobalt, and has added a long list of metallic chemicals.
"During the first years, the priority was ... the revamping of the plant and solidifying the operations and business," Lee Welgs, executive vice president and general manager of Apex, said. "The entrance of SMT as a partner will give Apex an extra boost as SMT will bring international expertise on various metals and feedstocks as well as an impressive network of partners."
"SMT is building further on its vision to become a global player next to its current activities in Africa, China and Europe," Dirk Uytdewilligen, partner at SMT, said. "It emphasizes its philosophy to create value in the total supply chain, including recycling. On top, Apex will add metals such as copper and nickel to its existing portfolio."
SMT traditionally has focused on cobalt, tungsten and tantalum.
A version of this article was first published by AMM sister publication Metal Bulletin.