Guangzhou-based Cedar Holdings has bought UK-based Stemcor, one of the world’s largest independent steel trading groups, in the latest foray by a Chinese company into Britain’s steel sector.
The Chinese group paid about $150m for privately owned Stemcor, according to one person familiar with the matter.
Steve Graf, chief executive of Stemcor, told the Financial Times: “I’m very happy, they will be a good shareholder and have a lot of experience.”
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