Smorgon Acquires Rest of JV Partner

Smorgon Steel Group Limited has acquired the remaining 50 percent of the Smorgon Hartwell Recycling joint venture it does not already own from Hartwell Pacific.

Stephen Greer, who founded Hartwell Pacific and has been managing the joint venture since its inception, has joined Smorgon Steel and has been appointed as chief executive of Smorgon Hartwell Recycling.

In announcing this acquisition, Ray Horsburgh, managing director and CEO of Smorgon Steel Group said "Smorgon Hartwell Recycling has become an important part of Smorgon Steel's metal recycling presence in Asia. In the six months Dec. 31, 2004, volumes of material collected and processed by Smorgon Hartwell Recycling were more than 40 percent ahead of the corresponding period in 2003."

He added, "Our recycling strategy covers both ferrous and non-ferrous metals, and this transaction will enable us to accelerate the development of the strategy throughout Asia."

Smorgon Steel's presence in Asia comprises wholly owned metal recycling operations in Hong Kong, the Philippines, Thailand and Malaysia, and trading offices in China and India.