Afarak Group
Afarak Group SE is a vertically integrated ferroalloys producer mining chrome ore in South Africa and Turkey, processing specialty Low and Ultralow Carbon Ferrochrome at its EWW plant in Germany, and selling through Afarak Trading to global steel, stainless steel, aerospace, automotive, nuclear, and power generation customers.
- Company typePublic
- Founded1985
- HeadquartersHelsinki, Finland
- Headcount501–1,000
- GTM typeB2B
- OfferingHardware or Manufacturing
What Afarak Group does
Afarak Group SE is a Finnish publicly listed company (NASDAQ Helsinki: AFAGR; London Stock Exchange: AFRK) operating as a vertically integrated ferroalloys producer. The company extracts chrome ore from wholly owned mines in South Africa (Vlakpoort and Mecklenburg in the Bushveld Complex) and Turkey (TMS operations at Kavak and Tavas), processes it at the EWW facility in Germany into specialty Low Carbon and Ultralow Carbon Ferrochrome, High Chrome Ferrochrome, and metallurgical grade 40% chrome concentrate (with potential for platinum group metal recovery), and distributes exclusively through its in-house Afarak Trading sales division. End-markets served include stainless steel and steel manufacturers, aerospace, automotive, medical steel, oil and gas, nuclear, and power generation customers globally, with direct lumpy chrome ore exports to stainless steel mills in China and India.
Afarak operates two reportable segments: Speciality Alloys (Turkish mining plus German processing) and FerroAlloys (South African mining). Underlying technology assets include ore enrichment facilities equipped with primary and secondary crushing, milling and triple-deck concentration tables (including tailings re-processing), a recently commissioned solar-powered chrome ore processing plant at Vlakpoort, and state-of-the-art laboratories at EWW supporting development and testing of unique specialty alloy mixes. The EWW plant carries approximately 100 years of heritage in Low Carbon and Ultralow Carbon Ferrochrome production. Turkish TMS deposits are characterized as particularly rich in chrome and low in phosphor and sulphur impurities, making them well-suited to specialist processing.
The business model is commodity-based with unit pricing at market, sold on contract or spot terms through direct enterprise sales to a relatively concentrated set of large industrial buyers. FY2025 revenue was EUR 141.3 million (up from EUR 128.6 million in FY2024), but EBITDA turned negative at EUR -0.2 million and net loss widened to EUR 8.9 million amid intensified import competition. Mined tonnage fell 31.3% and Q1 2026 production declined 40.2% YoY, partially reflecting the 2025 disposal of the Zeerust mine. The company is evaluating a potential EUR 200 million acquisition of ABS SISAK d.o.o. in Croatia (Danieli Group affiliate), which would expand into steel manufacturing with a proposed 500,000 metric tons per year rebar production line.
Afarak Group firmographics
Firmographics- Name
- Afarak Group
- Legal name
- Afarak Group SE
- Website
- https://afarak.com
- Company type
- Public
- Founded year
- 1985
- Operating status
- Operating
- Headcount range
- 501–1,000 employees
- Short description
- Afarak Group SE is a vertically integrated ferroalloys producer mining chrome ore in South Africa and Turkey, processing specialty Low and Ultralow Carbon Ferrochrome at its EWW plant in Germany, and selling through Afarak Trading to global steel, stainless steel, aerospace, automotive, nuclear, and power generation customers.
- Ownership category
- akta.pro rank
Afarak Group industry classification
Industry- Product category
- Specialty Ferroalloys and Chrome Ore
- NAICS
- Other Metal Ore Mining (212290), Iron and Steel Mills and Ferroalloy Manufacturing (3311)
- SIC
- Metal Mining (1000), Primary Smelting & Refining Of Nonferrous Metals (3330), Wholesale-Metals & Minerals (No Petroleum) (5050)
- akta.pro primary industry
- Concentrates & Intermediate Feedstocks Marketing (Concentrates, Cathodes, Anodes, Alumina) (IMAKAJAJ)
Keywords
Where Afarak Group is headquartered
LocationHeadquarters
- HQ city
- Helsinki
- HQ country
- Finland
- HQ region
- Europe
Offices8 records
Markets served
Afarak Group business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Operations, Supply Chain, Personnel, Infrastructure, Technology or R&D
Revenue model
- Ferroalloys Sales: Afarak produces and sells a diverse range of chrome products exclusively through Afarak Trading, its dedicated sales and marketing division, to customers in stainless steel and steel sectors worldwide.
- Chrome Ore Mining and Export: The company mines chrome ore from operations in South Africa and Turkey, with lumpy chrome ore supplied directly to stainless steel manufacturers in China and India.
- Speciality Alloys Processing: Processing of chrome ore into special grade and highly concentrated chromite concentrate, delivered to EWW in Germany for production of Low Carbon and Ultralow Carbon Ferrochrome, sold internationally to automotive, aerospace and power generation customers.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Unit Pricing | Pay-as-you-go | Commodity ferroalloy and chrome ore products sold at market prices |
Go-to-market motion2 records
Distribution channels1 record
Marketing channels4 records
Afarak Group product offering
Product offeringCore offering
Afarak Group is a vertically integrated ferroalloys producer that extracts chrome ore from mines in South Africa (Vlakpoort, Mecklenburg) and Turkey (TMS), processes it into specialty alloys at the EWW plant in Germany, and sells Low Carbon, Extra Low Carbon and High Chrome Ferrochrome, chromite concentrates and lumpy chrome ore to global steel, stainless steel, automotive, aerospace, power generation and medical steel manufacturers. Products are sold exclusively through the Afarak Trading division.
Product overview
Afarak Group is a vertically integrated ferroalloys producer with two core business segments: Speciality Alloys and FerroAlloys. The Speciality Alloys segment (with mining in Turkey via TMS Mines and processing in Germany at EWW) produces Low Ferrochrome, Extra Low Carbon Ferrochrome, and High Chrome Ferrochrome for aerospace, medical, automotive, oil & gas, and nuclear industries. The FerroAlloys segment operates Vlakpoort and Mecklenburg mines in South Africa producing chrome ore for global markets. Products are sold exclusively through Afarak Trading to customers worldwide in stainless steel and steel sectors. The company also exports raw chrome ore directly to China and recently commissioned a chrome ore processing plant producing metallurgical grade 40% chrome concentrate.
Differentiator
Problem solved
Functional benefit
Products and services
- Speciality Alloys (Low Ferrochrome, Extra Low Carbon Ferrochrome, High Chrome Ferrochrome) Specialty ferrochrome products (Low Ferrochrome, Extra Low Carbon Ferrochrome and High Chrome Ferrochrome) produced at the EWW plant in Germany from Turkish TMS chromite concentrate, supplied to aerospace, medical steel, automotive steel, oil & gas and nuclear industries.
- FerroAlloys (Chrome Ore from Vlakpoort and Mecklenburg mines) Chrome ore mined from Vlakpoort Mine and Mecklenburg Mine in South Africa, sold to global markets including lumpy chrome ore exported directly to stainless steel manufacturers in China and India.
- Special Grade Chromite Concentrates Special grade chromite concentrate produced at TMS Mines in Turkey, processed into highly concentrated chromite concentrate and used as feed for EWW specialty alloy production.
- Metallurgical Grade Chrome Concentrate (40% chrome) Metallurgical grade 40% chrome concentrate produced at the newly commissioned solar-powered chrome ore processing plant at Vlakpoort Mine in South Africa, with potential for future PGM recovery.
- Lumpy Chrome Ore Lumpy chrome ore produced at TMS mines in Turkey and supplied directly to stainless steel manufacturers in China and India.
Companies that use Afarak Group
Customer profileNamed customers6 records
Segments5 records
Ideal customer profiles2 records
Afarak Group technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
Afarak Group partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- ABS (Danieli Group)coreAfarak Group SE and its group companies are evaluating a potential acquisition of the metal factory of ABS SISAK d.o.o. in Sisak, Croatia from Italian company ABS, part of the Danieli Group's steel division. The proposed transaction, valued at approximately EUR 200 million, would restart production at the plant and install a new rebar production line with capacity of approximately 500,000 metric tons per year.
Scale indicators13 records
Recent moves7 records
Expansion highlights4 records
Afarak Group competitors and assessment
Company assessmentDirect peers
- Yildirim Group (Eti Krom): Turkish-headquartered mining and metals conglomerate with Eti Krom, one of the world's larger high-carbon ferrochrome producers. Closest peer to Afarak's TMS mines in Turkey and its ferrochrome product offering.
- Merafe Resources: South African ferrochrome producer that operates the Lion ferrochrome smelter and pool-and-share chrome ore mining assets with Glencore. Closest listed pure-play comparator to Afarak's FerroAlloys segment in chrome ore and ferrochrome.
- Samancor Chrome: Largest integrated ferrochrome producer in South Africa, owned by Glencore; operates chrome mines and smelters across the Bushveld Complex. Directly comparable to Afarak's mine-to-ferrochrome value chain in South Africa.
- Eurasian Resources Group (ERG): Diversified mining group with significant ferrochrome production in Kazakhstan (Kazchrome). Comparable to Afarak in ferrolloy product portfolio and exposure to global stainless steel supply chains.
- Indian Metals & Ferro Alloys (IMFA): India's largest producer of ferrochrome with captive chrome ore mines and captive power. Comparable to Afarak in integrated chrome mining-to-ferrochrome model and exposure to Indian stainless steel customers.
- Hernic Ferrochrome: Private South African producer of ferrochrome with mining rights on the Bushveld Complex. Comparable to Afarak's FerroAlloys business in terms of product mix and market positioning.
Others
- Danieli Group: Italian steel plant and equipment supplier; seller of the ABS Sisak metal plant that Afarak is evaluating to acquire for EUR 200 million. Connected via the proposed transaction and as a potential technology partner for the rebar mini-mill.
- Aperam: Specialty stainless steel producer headquartered in Luxembourg. Comparable as an end-customer for Afarak's specialty alloys and a relevant benchmark for downstream stainless steel demand trends.
- Outokumpu Oyj: Largest stainless steel producer in Europe and a key end-customer for Low Carbon and Ultralow Carbon Ferrochrome. Comparable to Afarak as a Nordic-based specialty steel value-chain participant and customer overlap.
Broad incumbents
- Glencore plc: Global mining major and a major chrome/ferrochrome producer through its ownership of Samancor Chrome. Competes with Afarak in the same ferrochrome end-markets but as part of a much broader commodity portfolio.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks7 records
Key highlights7 records
Customer concentration
Afarak Group social profiles
Digital presenceAfarak Group financial estimates
Financial estimateRevenue estimate
Valuation estimate
Afarak Group leadership team
Management profileNumber of profiles
Profiles4 records
Afarak Group subsidiaries and ownership
Company hierarchySubsidiaries5 records
Afarak Group funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Afarak Group M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Afarak Group
What does Afarak Group do?
Afarak Group is a vertically integrated ferroalloys producer that extracts chrome ore from mines in South Africa (Vlakpoort, Mecklenburg) and Turkey (TMS), processes it into specialty alloys at the EWW plant in Germany, and sells Low Carbon, Extra Low Carbon and High Chrome Ferrochrome, chromite concentrates and lumpy chrome ore to global steel, stainless steel, automotive, aerospace, power generation and medical steel manufacturers. Products are sold exclusively through the Afarak Trading division.
Is Afarak Group a public or private company?
Afarak Group is a public company. It is classified as public and is currently operating.
When was Afarak Group founded?
Afarak Group was founded in 1985. It employs 501 to 1,000 people.
Where is Afarak Group based?
Afarak Group is headquartered in Helsinki, Finland, in the Europe region.
How does Afarak Group make money?
Three revenue lines are on record. Ferroalloys Sales are the primary driver. The others are chrome Ore Mining and Export and speciality Alloys Processing.
Who are Afarak Group's main competitors?
Direct peers on record are Yildirim Group (Eti Krom), Merafe Resources, Samancor Chrome, Eurasian Resources Group (ERG), Indian Metals & Ferro Alloys (IMFA) and Hernic Ferrochrome. Others are Danieli Group, Aperam and Outokumpu Oyj. Glencore plc is listed as a broad incumbent.
Does Afarak Group have an API?
No public API is recorded for Afarak Group.
What industry is Afarak Group in?
Afarak Group's product category is Specialty Ferroalloys and Chrome Ore. Its primary akta.pro industry code is IMAKAJAJ, Concentrates & Intermediate Feedstocks Marketing (Concentrates, Cathodes, Anodes, Alumina). Its NAICS code is 212290 and its SIC code is 1000.