European stainless steel company Aperam announced Monday that it has completed the acquisition of ELG, the world's largest distributor of stainless steel scrap, in Germany on December 31, 2021.

In May last year, the company received merger clearance from the European Commission's Competition Authority to buy ELG. The amount of the acquisition was 375 million euros and was acquired in a "locked box with no adjustment of the transaction price, except in the case of outflow of value,Box".

Germany ELG has 51 bases in 20 countries, processing 1.2 million tons of stainless steel waste, nickel alloy and other superalloy waste 32,000 tons.

In addition, due to the increase in the price of (nickel-based) stainless steel last year, ELG's operating assets increased by 1.9 billion euros after the year-end 2020 calculation base date, and Aperam expects its gross profit to increase even more, to over 50 million euros with the completion of the acquisition of ELG.

Aperam said that even after the acquisition,ELG would continue to operate independently as a group company.

In Europe, Aperam is expected to use the acquisition of ELG as an opportunity to make a serious push into the recycled raw material business, as well as drive higher environmental management metrics and lower raw material costs.