Stemcor acquires 15 percent stake in Australian scrap recycling group CMA

The world's largest independent steel trader London-based Stemcor has announced that it has acquired a 15 percent equity share in Australia-listed scrap recycling group CMA Corporation Limited (CMA) for a consideration of A$13 million (US$13.7 million).
 
With the sale of shares, CMA has raised A$77.5 million (US$81.85 million) which will be used for debt reduction and Stemcor will be providing an additional facility to support CMA's working capital requirements.
 
According to the company statement, with the investment in question Stemcor, which trades approximately 1.5 million mt of ferrous scrap per year, will have "a firm source of supply for key destinations in the Far East, India and Southeast Asia".