German Trimet Aluminium Buys Bankrupt Voerde Aluminium Smelter

Trimet Aluminium, a family owned business from Germany declared that they had brought the insolvent German aluminium maker Voerde Aluminium. The company said on Wednesday that it would continue the production at Voerde and maintain the smelter's 280 personnel.

BERLIN (Scrap Monster):  Trimet Aluminium, a family owned business from Germany declared that they had brought the insolvent German aluminium maker Voerde Aluminium. The company said on Wednesday that it would continue the production at Voerde and maintain the smelter’s 280 personnel. The takeover deal by the Trimet had been reported during Monday. However, the financial statements of the takeover were not yet disclosed.

Voerde Aluminium from Germany has a production capacity of about 115,000 tonnes of aluminium per annum, but it had been filed for bankruptcy in 2012 due to high electricity rates, raised production rates and low aluminium rates. Recently, the German government decided to give financial support to get through the energy prices for the smelter. This decision is the key enabling factor for the plant takeover, said Heinz-Peter Schlueter, Trimet owner and supervisory board chairman.

Schlueter says, “Trimet expects a continued strong aluminium demand in Europe.” He added that with the Voerde smelter they would be able to meet the increasing aluminium demand. Trimet, Germany’s largest aluminium producer delivers about 640,000 tonnes of cast and primary aluminium products per annum. Voerde creditors had already agreed to continue aluminium production at the smelter until the end of 2014, while a search of a buyer continued. 

• Türkiye's crude steel production up 10% in November
• U.S. Steel–Algoma Pellet Dispute Heads to Binding Arbitration
• Copper on pace for best year since 2009 as AI demand, supply fears fuel record price rally
• Tata Steel Netherlands faces $1.6 bn collective action over emissions