Metalcorp Group

Name

Metalcorp Group

Legal name

Metalcorp Group S.A.

Website

https://metalcorpgroup.com

Company type

Private

Founded year

2006

Operating status

Operating

Headcount range

251–500 employees

Ownership category

akta.pro rank

Product category

Metals Trading and Mining

NAICS

Secondary Smelting and Alloying of Aluminum (331314), Metal Service Centers and Other Metal Merchant Wholesalers (423510), Alumina Refining and Primary Aluminum Production (331313), Nonferrous Metal (except Aluminum) Smelting and Refining (331410)

SIC

Secondary Smelting & Refining Of Nonferrous Metals (3341), Wholesale-Metals & Minerals (No Petroleum) (5050), Metal Mining (1000), Wholesale-Metals Service Centers & Offices (5051)

akta.pro primary industry

Bauxite Mining & Beneficiation (IMAKACAA)

akta.pro secondary industries

Aluminum Scrap Collection, Sorting & Processing (IMAKACAJ), Scrap Metal Export/Import & Trading (International Sourcing, Compliance, Documentation) (IMAKAMAL), Non-Ferrous Scrap Processing & Brokerage (Aluminum, Copper, Brass/Bronze, Lead, Zinc, Nickel) (IMAKAMAB), Ferrous Metals Trading & Distribution (Iron Ore, Pig Iron, DRI/HBI, Ferroalloys) (IMAKAJAA), Industrial & Manufacturing Scrap Recycling (Factory Scrap, Turnings, Offcuts) (IMAKAMAE), Metals Recycling & Processing (Ferrous/Non-Ferrous) (BPALADAF)

Keywords

• Metals trading
• Bauxite mining
• Aluminum recycling
• Ferrous commodities
• Non-ferrous metals

Headquarters

HQ city

Luxembourg

HQ country

Luxembourg

HQ region

Europe

Offices4 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Marketing or Sales, Infrastructure

Revenue model

1. Asset Sales: Following the restructuring, Metalcorp generates revenue solely from the sale of assets or earn-out agreements related to existing subsidiaries. The company sold BAGR Non-Ferrous Group GmbH to Ferralum Metals Group S.A. and 95% of SBG Luxembourg to Kouroussa Mining Corp.
2. Earn-out Proceeds: Revenue is derived from earn-out agreements in relation to existing subsidiaries. A portion of sale proceeds and earn-out proceeds will be distributed to bondholders under NCO Invest bonds.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Metalcorp Group historically specialized in the sourcing, production, processing, and trading of aluminum, copper, zinc, and ferrous and non-ferrous metals, with operating subsidiaries spanning bauxite mining (Société des Bauxites de Guinée), aluminum recycling (BAGR, Stockach), ferrous metals trading (STEELCOM), and non-ferrous metals trading (Tennant Metals). Following the divestiture of BAGR Non-Ferrous Group to Ferralum Metals Group and the sale of the Metals & Concentrates subgroup, the company no longer maintains material ongoing operating business, with income now derived from asset disposals and earn-out agreements on remaining subsidiaries, with proceeds distributed to NCO Invest bondholders.

Product overview

Metalcorp Group is an international and diversified metals and minerals group. Following the sale of BAGR Non-Ferrous Group GmbH to Ferralum Metals Group S.A. and the restructuring of its bonds, Metalcorp has transformed its business model from operating metals trading and mining to deriving income solely from asset sales or earn-out agreements from its remaining subsidiaries. The Metals & Concentrates Sub-Group comprises the bauxite mines in Guinea (Société des Bauxites de Guinée) and the trading company Tennant Metals. The company has undergone major restructuring, with new instruments issued through NCO Invest S.A. (EUR 100 million and EUR 262.5 million notes) and Ferralum Metals Group S.A. (EUR 66 million notes), with bondholders acquiring 49% of Ferralum through Bond HoldCo S.A.

Differentiator

Problem solved

Functional benefit

Products and services

• Société des Bauxites de Guinée (SBG) Bauxite mining subsidiary based in Guinea, extracting raw aluminum feedstock as an upstream supply source for the group's metals operations.
• Tennant Metals Trading company within the Metals & Concentrates subgroup that handled non-ferrous metals trading activities for the group.
• BAGR Berliner Aluminiumwerk GmbH Aluminum recycling plant within BAGR Non-Ferrous Group, processing secondary aluminum for industrial buyers and ultimately sold to Ferralum Metals Group S.A.
• Stockach Aluminium GmbH Aluminum recycling subsidiary within BAGR Non-Ferrous Group, part of the group's European secondary aluminum operations.
• STEELCOM Steel & Commodities GmbH Trading entity handling ferrous metals and commodities as part of the group's BAGR Non-Ferrous Group subsidiary.
• NCO Invest Bonds (2021/2026 and 2017/2023) Corporate bonds (2021/2026 and 2017/2023 series) listed on the Open Market (Freiverkehr) of the Frankfurt Stock Exchange, with a portion of divestiture and earn-out proceeds to be distributed to bondholders.

Quantifiable outcome

• H1 2022 revenue increased 68% to EUR 511.1 million
• +2 more outcomes

Named customers3 records

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Six partnerships are on record, tiered moderate, core and minor.

• Portnex InternationalmoderateStrategic or Co-development Partner · 21 May 2019Metalcorp founded a joint venture in Great Britain with Portnex International under the name of TCC Coke Ltd. for the production of raw materials for the ferroalloy market. The strategic backward integration through its own production facility creates additional sales potential and secures product supply. Metalcorp holds 51% and Portnex 49% of the shares. The joint venture was subject to governmental and regulatory approval expected in Q3 2019.
• Ferralum Metals Group S.A.coreStrategic or Co-development PartnerMetalcorp sold BAGR Non-Ferrous Group GmbH to Ferralum for approximately EUR 150 million enterprise value. Ferralum assumed up to EUR 72.5 million of debt. Following the restructuring, bondholders acquire 49% of Ferralum through Bond HoldCo. Ferralum owns secondary aluminum plants (BAGR Berlin, STOCKACH), Steelcom, and Italiana Coke.
• Kouroussa Mining Corp.moderateStrategic or Co-development PartnerSteelcorp Industries S.à r.l. (subsidiary of Metalcorp) sold 95% of its shares in SBG Bauxite and Alumina S.A. to Kouroussa Mining Corp. The purchaser assumed corporate guarantee functions and agreed to provide funding for mine operations. Parties agreed on value sharing mechanism with 50-60% of proceeds from dividends, share buy-backs, equity transactions, and refinancing going to Metalcorp bondholders.
• Caledonian Management Consultants Ltd.minorImplementation/ SI/ Consulting PartnerAppointed as common representative (joint representative) of the 2021/2026 noteholders following the noteholders' meeting vote, with 99.90% approval. Represented by Dr. Carlos E. Mack.
• SdK Schutzgemeinschaft der Kapitalanleger e.V.minorOthersSdK submitted counter-motions for noteholder meetings and coordinated with Metalcorp on resolution proposals. Represents retail bondholder interests.
• Wilmington Trust SP Services (Frankfurt) GmbHminorOthersActs as security trustee acting on behalf of the noteholders for the 2021/2026 bond.

Scale indicators15 records

Recent moves6 records

Expansion highlights2 records

Broad incumbents

• Glencore: One of the world's largest diversified commodity traders and miners with significant aluminium, copper, zinc and bauxite exposure. Comparable to Metalcorp because both operate integrated trading and mining platforms across non-ferrous metals and bulk commodities.
• Trafigura: Global commodity trader with substantial metals and minerals trading operations including non-ferrous concentrates and ferrous metals. Comparable business model to Metalcorp's procurement, logistics and trading footprint across multiple metal categories.
• Norsk Hydro: Integrated aluminium company spanning bauxite mining, alumina refining, primary aluminium smelting and recycling. Highly comparable to Metalcorp's bauxite-to-aluminium value chain integration via SBG Guinea and BAGR recycling assets.
• RUSAL: Major global primary aluminium producer with significant bauxite mining assets in Guinea. Comparable to Metalcorp's bauxite mining operations in Guinea serving global aluminium supply chains.
• Aurubis: European copper and non-ferrous metals smelter and recycler producing copper cathodes, rod and shapes plus recycled non-ferrous metals. Comparable to Metalcorp's non-ferrous concentrates trading and Tennant Metals business.
• Boliden: Swedish mining and smelting company producing copper, zinc, lead and other non-ferrous metals from both primary and recycled feedstocks. Comparable to Metalcorp's integrated non-ferrous metals mining, trading and processing footprint.

Direct peers

• Gerald Metals: Private metals trading firm specialising in base, precious and ferrous metals with integrated trading and supply-chain services. Closely comparable to Metalcorp's Tennant Metals and Steelcom trading operations and similar non-ferrous concentrates focus.
• Traxys: Global metals and minerals trader and merchant focused on ferrous and non-ferrous metals trading, distribution and financing. Highly comparable to Metalcorp's wholesale metals and minerals trading model and customer base.
• Befesa: European leader in aluminium salt slags recycling and steel dust recycling, operating secondary aluminium processing plants. Directly comparable to Metalcorp's BAGR Berlin and Stockach secondary aluminium plants and recycling operations.

Emerging players

• Kouroussa Mining Corp: Guinea-based bauxite mining operator that acquired 95% of Metalcorp's SBG Bauxite and Alumina subsidiary. Directly relevant as the counterparty now operating the core mining asset underpinning Metalcorp's earn-out value-sharing mechanism.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat2 records

Key risks5 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Metalcorp Group