Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

Cedar Holdings completed its $150mn acquisition of steel trader Stemcor, on June 30.


The British steel trader and distributor’s EBITDA stood at $19mn for the first half of 2019. It posted an annual revenue of $1.92bn in 2018. Stemcor deals in raw materials like scrap and pig iron, along with finished and semi-finished steel products and logistics for these materials.


Prior to the acquisition Stemcor faced insolvency and the company struggled to refinance a $1.15bn syndicated loan in 2014 followed by challenges with servicing a $1.3bn debt from the purchase of an Indian iron ore mine. Cedar signed the initial sale-purchase agreement with Stemcor on January 21 in Davos, Switzerland. 


Cedar is a private commodity trading holding company headquartered in Guangzhou, China. It deals in ferrous and non-ferrous metals along with chemicals and energy. 

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