German steel scrap group TSR Recycling takes over assets of Lindauer

German steel scrap group TSR Recycling has acquired the assets of scrap merchant Lindauer & Co and will move those to TSR's sites, the company told S&P Global Platts Thursday.

Lindauer, based in the south German city of Heilbronn, is currently subject to insolvency proceedings and TSR said it would not take over the operative part of the merchant nor merge it with TSR's Heilbronn site.

"In fact the acquired moveable parts of the asset will rather be integrated in TSR's own operations," a TSR spokeswoman told Platts, adding that TSR's parent company, Remondis, bought the plot of Lindauer's site independently and would move its own operative activities to the site.

Lindauer also handles non-ferrous metals in addition to steel scrap.

TSR handles around 6.5 million mt/year of steel scrap and is one of Germany's largest scrap merchants.

TSR is currently in negotiations with Lindauer's works council.

German waste management company Remondis gained full ownership of TSR last year by acquiring 20% of shares from Italian steel producer Alfa Acciai.

Remdondis previously held 80%.

--Laura Varriale, laura.varriale@spglobal.com

--Edited by James Leech, james.leech@spglobal.com