The world's largest independent steel trader, London-based Stemcor, is expanding its stockholding network in Europe and Australia specifically to support its engineering steel trading business.
In Bilbao, Stemcor has established Stemcor Aceros Especiales that will stock a wide range of engineering steel profiles for distribution throughout the Iberian Peninsula. Meanwhile, in Dusseldorf, Stemcor has launched a new initiative under the name of Stemcor Automotive and Processing, which will sell high specification engineering steels for domestic consumption.
In Australia, Stemcor has entered into a joint venture to acquire Global Metals Pty Ltd, established in 1990, from the Neumann Group. Under the JV agreement, Stemcor Australia Pty Ltd will acquire a 50 percent shareholding in Global Metals. Rod Gregory, who has been nominated as managing director of the joint venture, will acquire the balance of shares.
Ron Harvey, product manager of Stemcor's global engineering steels business, commented: "Engineering steels is the Group's longest established specialist trading activity and has grown steadily since its formation in 1994. With these latest developments, we now trade around 400,000 tonnes per annum and have 25 sales offices with 120 people dedicated to serving the needs of engineering steel stockholders and end-users around the world."