Special and stainless steelmaker Aperam has completed the acquisition of ELG, a global leader in stainless steel and superalloys recycling, the company said Dec. 27, adding that all necessary regulatory approvals required for the acquisition of ELG have been obtained, without conditions.
ELG, which had been acquired for an enterprise value of EUR 357 million (equity value EUR 30 million), collects, trades, processes and recycles stainless steel scrap and high performance alloys, delivering 1.2 million mt of materials annually.
ELG will be fully consolidated into the Aperam Group as of Dec. 31, 2021, under a new recycling segment.
Investing in sustainable recycling will further improve Aperam’s leading environmental footprint and support the company’s CO2 reduction targets, the company said, adding that the acquisition also enables Aperam to improve its input mix and to expand into the supply of raw materials.
“The acquisition of ELG received all necessary regulatory approvals and is placing Aperam at the core of the circular economy,” Aperam CEO Timoteo Di Maulo said. “Including ELG, about 30% of Aperam’s workforce will create value from working in renewable and recycling upstream. We are excited about the potential of ELG within Aperam and look forward to our journey to create value in the global recycling industry,”
Aperam has a production capacity of 2.5 million mt/year of flat stainless and electrical steel in Brazil and Europe.
— Cenk Can