After seeing revenues and profits stumble in 2013, stainless steel recycler ELG Haniel returned to growth in the past calendar year. The Duisburg-based company had been able to raise both revenues and profits substantially in 2014, according to the annual report published by its parent group Franz Haniel & Cie GmbH on Monday.
On the one hand, ELG was able to profit from an increase in scrap demand from the stainless steel industry and higher nickel prices. On the other hand, the company’s superalloys division, which has been expanded in recent years and carried out its most recent acquisitions in 2013, performed well with increased revenues and profits. ELG’s management expects that the high-margin superalloys business will continue to grow in importance. Moreover, the company’s activities in the carbon fibre recycling sector, from which the concern expects a similar level of growth, are also to be expanded.