Aperam’s proposed acquisition of German stainless steel and alloys recycling group ELG has been approved by the European Commission, the Luxembourg-based stainless steel producer said Nov. 26.
The completion of the acquisition is expected in the current quarter, the company said.
In May, Aperam announced it had agreed the acquisition of Duisburg-based ELG Haniel, which is active in recycling, processing and trading of stainless steel and nickel- and titanium-based superalloys scrap globally, delivering 1.3 million mt/year of material.
The acquisition “will put Aperam at the core of the circular economy and enable capturing value in the global recycling industry,” the company said at the time, adding that “investing in sustainable recycling will further improve Aperam’s leading environmental footprint and support the company’s CO2 reduction targets.”
The transaction will also enable Aperam to improve its input mix and to expand into the supply of raw materials, the company said.
Aperam has a production capacity of 2.5 million mt/year of flat stainless steel in Brazil and Europe.
— Andy Blamey