Stemcor, an independent steel trading firm in London, has taken a 15 percent equity stake in the Australia-based company CMA Corp. Ltd. for about $137 million.
Stemcor trades about 20 million metric tons of steel and steelmaking material per year. The company says it has a network of 125 offices in 45 countries.
Publicly traded CMA is involved in trading, processing and recycling of ferrous and nonferrous metals. The company operates 23 facilities throughout Australia, Asia and North America.
Paul Whitehead, Stemcor director for Australasia, says, “Stemcor trades approximately 1.5 million metric tons of ferrous scrap per year and the business is growing. Origins are Australia, Continental Europe, South Africa, the U.K. and the USA. This investment gives us a firm source of supply for key destinations in the Far East, India and South East Asia.”
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