Oryx Stainless Reports 140 Percent Increase in Sales

Oryx Stainless, one of the largest stainless steel scrap trading companies in the world, headquartered in Mülheim, Germany and Dordrecht, the Netherlands, has reported it increased its sales by 140 percent to about €800 million (US$1.158 billion) in fiscal year 2010 over the previous year. The company says that in total, it traded an estimated 450,000 tons of stainless steel scrap in 2010, which is 60 percent greater than in 2009. The company says rising prices for raw materials have had a positive effect on sales.

The company adds that it expects to report even better numbers in 2011. Oryx says more than 500,000 tons of stainless steel scrap is to be traded and sales in excess of €1 billion are expected in fiscal year 2011. The company adds that it will grow between 5 and 6 percent per year with the stainless steel market in the medium term.

Last year, the total global output of stainless steel amounted to about 30 million tons, according to the company. Stainless steel scrap makes up about 50 percent of stainless steel production. Oryx Stainless procures and delivers secondary raw material throughout the world, with about two thirds shipped to Europe and one third to Asia.

"The Asian region will continue to gain importance for the stainless steel industry and consequently Oryx Stainless as well. We have decided to open a third location in the Asian region supplementing the European ones in order to participate even better in this regional growth," says Ewout Slooff, board member and shareholder of Oryx Stainless.

The Asian hub is expected to be operational in 15 months and will assume the responsibility for the purchasing and marketing in the entire Asian Pacific region.