Germany-based Franz Haniel & Cie GmbH has entered into an agreement to sell its recycling unit ELG Haniel GmbH to Luxembourg-based stainless steel maker Aperam S A. The sales transaction, which started on 2020, is expected to conclude in the second half of 2021, according to a press release.
ELG since 1983, was known for processing and recycling raw material used in the stainless steel industry. In 2020, it discontinued operations after the initiation of sales process. After the acquisition, ELG will continue to operate as a separate company.
Apream, with an annual production capacity of 2.5mn mt flat stainless steel, has production facilities in Brazil, Belgium and France. It produces stainless, electrical and speciality steel.