Future of Steel & Alloy secured with sale
THE future of a West Bromwich-based steel processor is secure after its sale to a €7.5bn turnover multi-national.
Steel & Alloy, which has other local operations in Cannock, Darlaston and Warley, has been sold to Spanish-based Gonvarri Steel Industries.
Managing director Mark Cooper said: “Steel & Alloy is Gonvarri’s first acquisition in the UK. They will provide additional strategic direction and financial backing, securing the long-term future of the business.
“Gonvarri is focused on steel processing, primarily for the automotive sector and other industrial markets, and is both successful and highly respected. Gonvarri is a large organisation and has extensive links with steel makers and OEMs alike. It is the perfect fit.”
The 300,000 tonnes of steel processed by Steel & Alloy is used in the production of vehicles manufacturered by the likes of Jaguar Land Rover, BMW, Ford, General Motors, Honda, Nissan and Toyota.
Steel & Alloy was founded by David Ashwell in 1968 to process steel for the UK automotive sector. The four children of David Ashwell, who inherited the business when their father died, have agreed to sell the entire share capital, in order to see their father’s legacy go to a good home.
Gonvarri is a large, predominantly family-owned, Spanish industrial company.
It is a European leader in steel service centres, processing in excess of 3m tonnes in ten countries.
Gonvarri has also established itself as a leading player in the design and manufacture of automotive components through its sister company, Gestamp Automoción. It has extended its reach to Latin America, Asia and the US and is currently expanding into renewable energy.
