Canada-based MFC Industrial Ltd. (MFC), a global commodity supply chain company, has announced that it has acquired a 100 percent interest in F.J. Elsner & Co. GmbH (Elsner), a global commodity company focused on steel and related products, headquartered in
Austria.
Elsner's offerings cover a full range of steel products including slabs, blooms, billets, hot rolled steel plates, hot and cold rolled coils and sheets, reinforcing bars, galvanized material, pipes, tubes and merchant bars. Elsner has long-standing relationships with many steel mills in eastern and southern Europe, as well in as the Baltic States and the CIS. The company's revenue for the fiscal year ended June 30, 2013 was $160 million.
Accordingly, MFC Industrial will be able to market steel-related raw materials to its suppliers and industry contacts. MFC may also enter into transactions with customers for the exchange of raw materials for finished products.
Meanwhile, MFC Industrial is expected to cut some Elsner jobs, according to industry sources.