ERASTEEL, a full subsidiary of ERAMET, the French mining and metallurgical group, has finalised its partnerships evolution in China in the domain of high-speed steels.
ERASTEEL has become a 100% shareholder of HeYe-ERASTEEL Innovative Materials Co (HEIML), a Chinese company based in Tianjin specialised in bars drawing and wire drawing of high-speed steel.
This was made possible by acquiring the 51% stake of shares owned by HeYe Special Steel Co, a subsidiary of AT&M (Advanced Technology & Materials Co Ltd). This transaction amounted to 59.5 million yuan, or approximately 8 million euro.
ERASTEEL sold its 10.29% stake in the Chinese company, HeYe Special Steel Co to the company itself. The transaction amounted to 109.5 million yuan, or approximately 14 million euro.
ERAMET is one of the world's leading suppliers of alloying metals, particularly manganese and nickel, used to improve the properties of steel, as well as high-performance special steels and alloys used in industries such as aerospace, power generation and tooling.
ERAMET is also developing activities with high growth potential, such as mineral sands (titanium dioxide and zirconium), lithium and recycling.
The group employs nearly 13,000 people in around 20 countries.