Stemcor was formed in London in 1951 and is an international steel trader, distributer and stockholder. The privately-owned company is an independent trader meaning it is not owned by, nor does it control, any steel producers. This independence ensures that the Group is objective in matching exact customer needs in terms of quality, specifications, financial terms and delivery.
The Group grew rapidly in the two decades to 2008, before the sector, like many others globally, was severely affected by the global financial crisis that started at the back end of the last decade. By May 2013, the Company had reached a standstill agreement with its creditors.
In October 2015, the Group completed its restructuring process with the historically profitable trading, distribution and stockholding units unbundled into a new holding company, Stemcor Global Holdings Ltd, under new ownership. Iron ore mining and pellet operations based in India, along with certain other assets, remained in the old Stemcor Group which was subsequently renamed Moorgate Industries.
As part of this transaction, a US$100m shareholder term loan was put in place and Stemcor Global Holdings started life with $860M of financing across two committed facilities (Borrowing Base and a Trade Finance Facility).
Through its global team of experienced traders, the Group possesses in-depth steel sector knowledge, access to key personnel, and an enviable strength of relationships across its portfolio of suppliers and customers. These relationships, many of which being decades long, are paramount to the success of the Group’s trading operations.
During 2016 and 2017 Stemcor embarked on a repositioning of its operating footprint, focussing on its core trading and distribution activities and exiting most stockholding and other fixed asset business units. This repositioning enabled the refinancing of the group, supported by an equity raise fully subscribed from existing shareholders. This has moved Stemcor to a robust equity base and flexible funding structure with supportive lenders across America, EMEA and Asia. In 2018, Stemcor had the 33rd highest revenue of private firms in the UK, according to the latest Sunday Times Top Track 100 list.
Stemcor is now well positioned to support its trading counterparties and capitalise on market opportunities.
Stemcor in Today’s Marketplace
Stemcor’s philosophy is to work using small, self-contained trading units, each with its own management and clearly defined areas of responsibility. Our local presence in the regions in which we trade allows for the nurturing of close relations with producers and customers, a vital requirement in the trading world. In addition, this international network allows us to bring together customers and sellers in different parts of the world by offering global solutions for their requirements.
Today the Group has over 300 employees in 30 locations globally.
Stemcor offices combine the personal touch of a small business backed by the strength of a large group, committed to common objectives, shared values and a unified strategy.
The quality of our people, our risk management abilities and our trading unit level success give Stemcor reason for pride. These attributes, combined with our knowledge of customer and supplier requirements, a broad range of products and current market conditions give us a competitive advantage in the marketplace.
Equally important are the Groups strong finance facilities that underpin transactions, plus the information technology and proprietary operating system that allows Stemcor to communicate effectively, control risks and execute transactions worldwide.
One of the keys to Stemcor’s success is the highly experienced and knowledgeable management team and staff. Management also has a proven ability to adapt to new market conditions and react quickly to market developments.
The Board of Directors of Stemcor Global Holdings Ltd are:-
Martyn Konig was appointed Non-Executive Chairman of SGHL in May 2018. Martyn is also Chairman of Nyrstar Group, the Chief Investment Officer for T Wealth Management SA, the private family office for partners and senior management of the Trafigura Group, as well as Non-Executive Chairman at Euromax Resources. Martyn has over 35 years of experience in investment banking and the commodity markets as well as extensive experience in the natural resource sector. He was Executive Chairman and President of European Goldfields Limited, was a main Board Director of NM Rothschild & Sons Ltd and held senior positions at Goldman Sachs and UBS. Martyn is a qualified Barrister and Fellow of the Chartered Institute of Bankers.
Steve Graf is the Group Chief Executive Officer of Stemcor Global Holdings Limited. Steve joined Stemcor as an original member of Stemcor USA in 1989, became CEO for North America in 2005, Managing Director of the Americas in 2005 and added responsibility for Group International Trading in 2013. Steve commenced his business career in 1982 with McDermott International and, via their 1984 acquisition of Coutinho Caro, began steel trading where he has enjoyed success and continued to learn for over 30 years. Steve became Group CEO in October 2015.
Andrew Checketts, Chief Financial Officer, joined Stemcor in July 2016 from Tata Steel, where he was head of M&A. He first joined British Steel in 1996, and worked in various finance roles during his time with British Steel, Corus and Tata Steel in the UK, Europe and Singapore. Andrew is a member of the Chartered Institute of Management Accountants.
Chris Seherr-Thoss joined Stemcor as the Director of Strategy in October 2015. Between 2007 and 2015, Chris was a London based Director at Lazard and prior to that worked at Anglo American for 7 years.
Parag Johannes Bhatt
Parag-Johannes Bhatt has been a non-executive Director at Stemcor Global Holdings Ltd since July 2016. Johannes has been the Chief Financial Officer of Scholz AG since 2007. Johannes has also held senior positions with Deutsche Bank and has extensive experience in the corporate finance sector. He served as the Executive Chairman of CMA Corporation Limited since August 2010.
Michael is a Non-Executive Director of Stemcor Global Holdings Limited. Michael joined The Titan Industrial Corporation in 1974 after graduation from Harvard Business School, became CEO in 1983, and the principal shareholder in 1993. In 1998 he founded NewView Technologies (formally e-STEEL). Michael is a member of the Council on Foreign Relations, Honorary Board member at MoMA-PS1 and was Entrepreneur-in-Residence at the Ewing Marion Kauffman Foundation for six years.
Jeremy Jensen is an Independent Non-Executive Director and is the Chairman of Stemcor’s Audit and Remuneration Committees. He is also currently Vice Chairman and Senior Independent Directors of The Chelsea and Westminster Hospital NHS Foundation Trust, a Director of Toys R Us Properties (UK) Ltd and Frigoglass S.A.I.C. Previously Jeremy has been a Director of NHP/Libra, McCarthy and Stone, Hospedia, Jarvis Hotel Group, Cable and Wireless, and was Director of Audit and Global Risk Management at Reuters Group. He is a Chartered Accountant in England and Wales.
Bob Ellis is an Independent Non-Executive Director of Stemcor Global Holdings Limited, and the Chairman of the Risk Committee. Bob is the Chairman of KCA Deutag, Stelrad, Whittan and Reconomy. Prior to that Bob was, alongside other roles, the Chairman of 2020 Mobile, Metzeler, Marken, Danwood and iSOFT.
Nick von Schirnding
Nick von Schirnding is a board-level executive with over 25 years’ experience in the natural resources sector. Previously, Nick was CEO of Asia Resource Minerals plc a FTSE listed mining company, where he played a significant role in restructuring the group. Prior to that Nick was a senior executive at Anglo American plc and De Beers where he worked for over 20 years. He is currently Executive Chairman of Arc Minerals Limited, a UK listed company and chairman of Fodere Group, a private mining company and a non-executive director of Jangada plc, a UK listed mining company Mr von Schirnding has a Bachelor of Law from the University of Cape Town.