HSBC in the UK has provided US$ 35 million (EUR 32.9 million) to London-based ferrous scrap trader Global Metcorp to finance the takeover of ferrous recyclers.
Global Metcorp says the focus on acquiring recycling facilities will boost the workforce by an additional 50-100 people within the next five years. The company is part of the Greta Group based in Singapore and its website says it has traded more than 1.5 million tonnes per year for the past five years.
Director Ashish Chaudhari says the deal will allow the company to continue delivering consistent and dependable products. ‘The team at HSBC UK has been instrumental in helping us grow to be one of the sector’s leading traders thanks to the bank’s understanding of our business and international reach.’
HSBC UK and Global Metcorp have been working together for the last five years during which time it has seen its turnover increase by 20%. The bank’s area director Maria Alavi says this deal will support HSBC’s ‘goal of helping global businesses reduce carbon emissions.’
The funding is guaranteed by UK Export Finance, which is the operating arm of the UK Government’s Exports Credits Guarantee Department. Director Esi Eshun says the deal helps companies like Global Metcorp ‘recognise their exporting potential and support jobs’. It is expected to generate year-on-year turnover growth of 10%.
‘They say that one person’s trash is another’s treasure, and Global Metcorp is proving this by taking its successful scrap metal business from strength to strength on the world stage,’ Eshun adds.