SCM Consolidates Scrap Trader.
11 September 2008
The Anti Monopoly Committee has permitted SCM Ltd (Cyprus) to acquire a controlling stake in Prometey, a scrap supplier for Azovstal. Andriy Gostik: Prometey reported $78.8m in sales in 2005 and negative EBITDA and earnings, while in 1H06 its sales came to $52.5m and EBITDA was $1.2m. The company’s total assets are just $8.2m. The company was already de facto controlled by SCM, and we view its acquisition as yet another step to streamline SCM’s operations and make it more comprehensible to western capital markets.
