China's Cedar buys steel trading group Stemcor
Image used for illustrative purpose. A labourer marks steel bars at a steel and iron factory in Huai'an, Jiangsu province, February 18, 2008. REUTERS/Patty Chen/File Photo
The biggest shareholder of London-based Stemcor is U.S. private equity group Apollo Global Management.
Cedar and Stemcor aim to finalize the deal in the first half of 2020, a statement said.
“Stemcor has a well-established global sales network, which will offer potential synergies with the existing domestic and international business of Cedar Holdings,” said Gang Han, vice president of Cedar Holdings Group.
Privately-held Cedar posted revenue of $40.6 billion last year and has offices across Asia, Europe and Africa, the statement said.
Stemcor posted core profit of $39 million on revenue of $1.9 billion in 2018, the latest results on its website showed.