Eramet is a rapidly growing French multinational mining and metallurgy group, which bases the pursuit and development of its activities on a plan for lasting, profitable and harmonious growth.^[2] The Group employs around 15,000 people in more than 20 countries on five continents, and holds frontrank global positions in each of its activities. The three divisions of the Group – Nickel Division, Manganese Division and Alloys Division – generated a combined €3.6 billion in turnover in 2011.^[3] ERAMET is listed on Euronext Paris, where its shares are traded under the deferred settlement system. It is listed in Compartment A and CAC Mid 100 index.

History[link]

The Company was created under the name Le Nickel in 1880, originally for the exploitation of nickel mines in New Caledonia.^[4] Under the majority control of the Rothschild family since the end of the 19th century, in the late 1960’s it became the parent company of all the Rothschild group’s mining subsidiaries (Le Nickel-Penarroya-Mokta group). Later milestones in the life of the Company and Group are as follows:

1974 - The nickel business is made into a subsidiary under the name Société Métallurgique Le Nickel-SLN: Elf Aquitaine acquires a 50% interest in the new company. The former company Le Nickel changes its name to Imétal and holds the remaining 50% of Société Métallurgique Le Nickel-SLN.

1983 - As part of an industrial, shareholding and financial restructuring programme, ERAP, a French state-owned company, acquires a 70% interest in the Company’s capital. Imétal and Elf Aquitaine’s stakes are reduced to 15% each.

1985 - The assets located in New Caledonia are grouped together in Société Métallurgique Le Nickel-SLN, a wholly owned subsidiary of a new parent company called ERAMET-SLN, in which the shareholders remain 70% ERAP, 15% Imétal and 15% Elf Aquitaine.

From 1989 onward, in order to smooth out the effects of nickel cycles, the Company adopted a strategy of diversifying into complementary activities, with the aim of holding strong global positions on its main markets.

1989-1991 - Acquisition of the French company La Commentrienne and the Swedish company Kloster Speedsteel, the world’s third-largest and biggest producers of high-speed steels, respectively. The two companies were grouped together in 1992 into a new company called Erasteel, wholly owned by ERAMET-SLN, making it the sector’s global leader with over 25% market share.

1991 - Long-term commercial and financial partnership with Nisshin Steel (a major Japanese stainless steel producer), resulting in the gradual acquisition of an interest in Société Métallurgique Le Nickel-SLN. Nisshin Steel’s stake reached its definitive level of 10% at the end of October 1994.

1992 - Société Métallurgique Le Nickel-SLN and ERAMET-SLN take on their current names of Le Nickel-SLN and ERAMET, respectively.

1994 - Acquisition of a 51% stake in Eurotungstène, a producer of cobalt and tungsten powder. Private placement followed by ERAMET’s listing on the Secondary Market of the Paris Stock Exchange for 30% of its capital by divestment by ERAP, Elf and Imétal. The BRGM group (Bureau de Recherches Géologiques et Minières, a French state-owned company) contributes its subsidiary Cofremmi, holder of nickel mining reserves in New Caledonia, in exchange for the grant of shares representing 2.34% of ERAMET’s new capital.

1995 - Transfer of the ERAMET share to the Paris Stock Exchange Main Market (Monthly Settlement compartment).

1995-1996 - ERAMET acquires a 46% stake in Comilog (Gabon), the world’s second-largest producer of high-grade manganese ore and a leading global producer of ferromanganese for the steel industry and manganese-based chemicals.

1997 - Agreement with Gengabon under which the Gencor group company sells ERAMET a 15% stake in Comilog, in which ERAMET now holds 61%.

1998 - Agreement for exchange of Poum / Koniambo mining licenses in New Caledonia.

1999 - Several major operations carried out, leading to the current capital structure and the Group’s current business configuration:

• Integration into the Group of SIMA (Duval family), a leading world producer and converter of high-performance special steels and nickel alloys,
• Divestment of 30% of Le Nickel–SLN to ERAP in exchange for ERAMET shares; ERAP then transfers that stake to a New Caledonian state-owned structure, Société Territoriale Calédonienne de Participation Industrielle (STCPI). The French state transfers ERAP’s remaining interest to Cogema, which is then made part of the Areva group,
• Acquisition of the Norwegian group Elkem’s manganese activities, making ERAMET the world’s foremost producer of manganese alloys and broadening its product range with high value-added refined alloys.

Following these operations, the ERAMET Group is transformed in depth. Its activities are divided into three Divisions - Nickel, Manganese and Alloys – of similar size and the Group’s capital is mostly held by private shareholders, with the French state retaining a minority interest.

2000 - Acquisition of the Mexican company Sulfamex, a producer of manganese-based agrochemicals. Inauguration of Moanda industrial complex (Gabon), a manganese ore beneficiation and sintering plant that broadens Comilog’s product range and extends the lifespan of its reserves.

2001 - Launch of the 75,000-ton programme, intended to increase nickel production capacity by 25% in New Caledonia. Launch of investment in a new forging and closed die-forging plant in France with a 40,000-ton press. Closure of a ferromanganese blast furnace in Boulogne sur Mer (France) and a silicomanganese electric furnace in Italy.

2002 - Acquisition of the Guilin manganese alloy plant (China). Erasteel acquires controlling stake (78%) in Peter Stubs (UK).

2003 - Launch of a restructuring programme in the Alloys and Manganese Divisions, which face heavy losses:

• Closure of the Boulogne sur Mer ferromanganese plant and the Shaoxing (China) manganese alloy plant,
• Comilog divests Sadaci (molybdenum roasting) and its carbon black activity, both based in Belgium,
• Acquisition of 100% stake in Centre de Recherche de Trappes (research centre, France),
• Acquisition of 100% stake in Eurotungstène,
• Launch of capital investment programme in a new high-speed steel plant in China, as a joint venture with the Chinese company Tiangong.

2004 - 75,000-ton programme in New Caledonia: commissioning of new furnace and beginning of ramp-up. Launch of capital investment programme for a 50% increase in manganese ore production in Comilog. Launch of capital investment programme in China for a new manganese derivatives plant serving the alkaline battery market. Buyout of the AREVA group’s minority interests in the Manganese Division. Purchase of 80% of Comilog Asia, the company holding the Guilin and Guangxi joint ventures in China, from Comilog.

2005 - Decision made to increase Comilog’s ore production capacity to 3.5 million tons by 2008. Oil catalyst recycling business strengthened through two projects by ERAMET subsidiary Gulf Chemical and Metallurgical Corporation (GCMC): 100% stake acquired in Bear Metallurgical Cy and construction of a new oil catalyst recycling unit started in Canada. 30-year concession obtained in November 2005 for the Transgabonais railway (Gabon). Erasteel: Joint venture with China’s Tiangong called off. Aubert & Duval: Construction of a tool steels distribution centre in Wuxi (China) started.

2006 – Aubert & Duval: opening of tool steel distribution centre at Wuxi (China).

Acquisition in May of the Weda Bay Nickel deposit at Halmahera in Indonesia, which will eventually enable ERAMET Nickel to double its production, with a production target of 60,000 t and start-up scheduled for 2013.

Aubert & Duval began operations at its new closed-die forging plant at Pamiers (40,000 t press) in mid-2006.

Manganese ore production reached 3 million tons in 2006.

2007 - 17 April 2007 - inauguration of the new Chinese plant at Chongzuo (Guangxi Province) for production of electrolytic manganese dioxide for Chinese manufacturers of alkaline batteries.

Construction of new oil catalyst recycling plant launched in Canada.

On 23 July 2007, the stake held by Société Territoriale Calédonienne de Participation Industrielle (STCPI) in the capital of Société Le Nickel-SLN (SLN) was increased to 34%.

At the end of 2007, construction of a high-speed steel drawing workshop at Tianjin by Erasteel. The first deliveries from this new plant started in November 2007. Manganese ore production reached 3.3 million tonnes in 2007. New Caledonia: end 2007, opening of Poum mine.

2008 - July: acquisition of a 58.93% controlling interest in the Norvegian Group TINFOS (55.78% economic interest). October : agreement on the acquisition of a purchase option with the shareholders in Otzojondu Mining (Pty) with a view to studying the possible development of Namibia's Otzojondu manganese deposit.

2009 - January: agreement signed with the Southern Province of New Caledonia with a view to studying the development of the Prony and Creek Pernod nickel deposits in New Caledonia. February : Weda Bay project : partnership and agreement for the sale of 33.4% of Strand Minerals (Indonesia) to Mitsubishi Corporation. February 19th, 2009 : Lithium: Partnership with Bolloré group ERAMET announced it had entered into a partnership with the Bolloré group. The agreement concerns the mining and processing of lithium for the manufacture of rechargeable electric batteries for the automotive sector. March 12th, 2009 : Tinfos: New agreement for ERAMET to raise its stake to 100% ERAMET announced a new agreement allowing it to increase its interest in Eralloys (company grouping together the activities of the former company Tinfos, excluding Nottoden electricity plant) from 56 to 94.3% while reducing its stake in Notodden from 56 to 34%. The holders of minority interest in Eralloys will then be offered the buyout of their shares. This will enable ERAMET to raise its stake to 100%. April 7th, 2009 : COMILOG: First stone laid at the future Moanda Metallurgical Complex of which capital expenditure will spread over the 2009 – 2013 period. April 10th, 2009 : UKAD: Constitution of an integrated titanium stream Aubert & Duval, a fully owned ERAMET subsidiary, announced the choice of the Saint-Georges de Mons, Auvergne, France site for its future titanium ingot conversion activity, to be carried out with its partner, the Kazakh company UKTMP, under a 50/50 joint venture (UKAD). December 2009: Agreement for the divestment of Nizi, an international trading activity acquired in 2008 with Tinfos. Agreement for the acquisition of Valdi (France), a non-ferrous metals recycling activity.

2010 - February 2010: On February 12th, 2010, the BOLLORE and ERAMET groups signed an exploration contract with a call option for lithium deposits with the Argentinean company Minera Santa Rita.

July 2010: Société Territoriale Calédonienne de Participation (STCPI) and ERAMET, have jointly agreed to renew their shareholder agreement within Société Le Nickel-SLN for a period extending to December 31st, 2011, upon the current agreement's expiry on September 13th, 2010. The provisions of the agreement will remain unchanged for this new period and will continue to be complemented by the new measures implemented in 2009 as part of SLN's modernized governance. The parties have also agreed to hold discussions about adjustments to be made before December 31st, 2011 to the agreement, whose guiding principles remain the same.

October 20th, 2010: Agreement Signed with Gabonese Republic to Increase its Shareholding in COMILOG.

2011 – January: In January 2010, the ERAMET group adopted a Code of Ethics, based on responsibility, good citizenship, integrity and respect for individuals. Under that rationale, ERAMET decided to join EITI, the Extractive Industries Transparency Initiative. September: Aubert & Duval (ERAMET Group) and UKTMP inaugurated their UKAD titanium ingot. October: creation of TiZir, a joint venture to combine ERAMET Titanium & Iron (ETI) and MDL’s Grande Côte Mineral Sands project, « Grande Côte ». October: Erasteel opens a new atomizing tower, the Durin tower, at its Söderfors plant in Sweden.

2012 – Renewal of Société Le Nickel (New Caledonia) shareholders’ agreement between STCPI and ERAMET Group.

Activities[link]

The manganese division 48% of the Group’s turnover

Activities Mining: production of manganese ore and sinter in Gabon (Comilog) Metallurgy: processing of ore to produce manganese alloys Metallurgy: production of high-purity chrome Metallurgy: production of hardeners for aluminium production Metal-based chemicals: production of many chemical derivatives of manganese Recycling: collection and recycling of catalysts used by oil refineries, extraction and upgrading of metal content (molybdenum, vanadium, nickel and cobalt) using metallurgical and chemical processes

Global positions:

• 2nd largest producer of high grade manganese ore and of manganese alloys worldwide
• World’s leading producer of refined manganese alloys
• World’s leading producer of manganese chemical derivatives

The nickel division 27% of the Group’s turnover

Activities Mining: production of nickel ore in New Caledonia (SLN) Metallurgy: processing of ore to produce ferronickel, high-purity nickel, in New Caledonia (SLN) and France Metal-based chemicals: production of chemical derivatives of nickel Powder metallurgy: production of tungsten carbide, cobalt powders and pre-alloyed powders (Eurotungstene) Weda Bay Nickel project in Indonesia

Global positions:

• 7th largest nickel producer worldwide
• World’s leading ferronickel producer
• World’s leading nickel chloride producer
• One of the three sole producers of high-purity nickel worldwide

The alloys division 25% of the Group’s turnover

Activities Closed-die forging: production of closed-die forged parts in titanium, aluminium, steels and nickel-based alloys on high-power presses (up to 65,000 tonnes) Metallurgy: production of high-speed steels, special high-performance steels, nickel-based alloys and top quality tool steels (air metallurgy, vacuum metallurgy, remelting, etc.) Rolling and forging of these steels Powder metallurgy: high-speed steels, high-performance steels

Global positions:

• World’s leading producer of high-speed steels
• 2nd largest producer worldwide of parts using high-pressure closed-die forging
• One of the World leaders for high performance specialty steels and superalloys
• World n°1 in gas atomized PM Steels

Eramet Research

In 2006, the group launched a research center to emphasize R&D work, calling a wide range of matching skills into play from researchers, engineers and line managers. Innovation is a key standout factor and essential driver of the Group’s sustainable, diversified growth strategy. Moreover, the focus is more and more on the environment. The most innovative example is the hydrometallurgical process for nickel oxide ores that the Group has developed for the Weda Bay project in Indonesia.

International organization[link]

• Eramet International : 11 offices on 5 continents. 76 people in charge of negotiations for the Group’s three divisions

• United States :

- Erachem COMILOG Baltimore (manganese chemistry)

- BMC Butler (ferromolybdenum et ferrovanadium)

- GCMC Freeport (oil catalyst recycling)

- Eramet Marietta (manganese alloys)

- Erachem COMILOG New Johnsonville (manganese chemistry)

- Erasteel Boonton (high speed steels)

- Erasteel Romeoville (service centre)

• Canada : GCMC Fort Saskatchewan, Alberta (oil catalyst recycling)

• Mexico : Erachem Mexico Tampico (manganese chemistry)

• Gabon : COMILOG (Moanda mine and sintering plant, Owendo logistics centre) and Setrag (Transgabonais railway concession)

• France :

- COMILOG Dunkerque (manganese alloys)

- Usine Valdi du Palais (catalyst recycling)

- Usine Valdi de Fleurs (battery recycling)

- Usine Eurotungstène de Grenoble (metal powders)

- Usine Eramet Sandouville (high purity nickel, cobalt)

- Erasteel Champagnole (high speed steels)

- Erasteel Commentry (high speed steels)

- 6 usines (closed die forging, long products, tooloing, single parts) et un centre de distribution (spécial steels) Aubert & Duval

• Belgium : Erachem COMILOG Tertre (manganese chemistry, copper solution recycling)

• Germany : Aubert & Duval Stahlschmidt (distribution centre)

• Italy : Aubert& Duval Ades (distribution centre)

• United Kingdom : Erasteel Stubs Warrington (high speed steels)

• Sweden : 3 Erasteel plants

• Norway : 3 Eramet Norway plants (manganese alloys) et ETI Tyssedal (titanium dioxide)

• China :

- Aubert & Duval Wuxi (distribution centre)

- Erasteel Tianjin (high speed steels)

- COMILOG Guilin (manganese alloys)

- COMILOG Laibin (manganese alloys)

- GECC Chongzuo (manganese chemistry)

• Indonesia : PT Weda Bay Nickel, Halmahera island (nickel deposit)

• New-Caledonia : Société Le Nickel-SLN (5 mines, Doniambo metallurgical plant)

Sustainable development[link]

Sustainable Development policy is designed to enable the ERAMET Group to carry out its businesses on a lasting basis on its sites and to support its development in new territories. it is built on 4 pillars:

• Protecting and developing ERAMET’s employees by involving them in our actions
• Managing health and environmental risks and impacts in order to safeguard balances sustainably
• Seize the opportunities offered by Sustainable Development for the benefit of customers
• Keep up a trusting relationship with stakeholders to create value for all.

Implementation of this policy is based on specific charters and policies adopted by the Group, including the Ethics Charter, the Safety Policy, the Health Policy and the Environmental Charter. Furthermore, ERAMET decided to join EITI, the Extractive Industries Transparency Initiative. This will enable the Group to promote the values that characterise it: responsible beneficiation of natural resources, complete transparency on money transfers between businesses and host nations, a commitment to answerability and constant dialogue with stakeholders. The aim of EITI is to strengthen governance by improving, on one hand, transparency on revenues generated by the oil, gas and mining industries and, on the other hand, making the extractive sector more responsible. This global standard is based on a sound methodology for controlling financial movements, particularly with respect to states.

Management[link]

Executive committee

• Patrick Buffet – Chairman & CEO
• Georges Duval – Deputy Chairman, Delegate CEO, Alloys Division
• Bertrand Madelin – Delegate CEO – Nickel Division
• Philippe Vecten – Delegate CEO – Manganese Division
• Jean-Didier Dujardin – Chief Financial Officer
• Michel Carnec – Human Resources, Health & Safety
• Catherine Tissot-Colle – Corporate Communications & Sustainable Development Executive Vice-President

Previous CEOs

• Patrick Buffet : since 2007
• Jacques Bacardats : 2003-2007
• Yves Rambaud : 1991-2003

Composition of the Board of Directors

• Patrick Buffet (Chairman and Chief Executive Officer)
• Georges Duval (Deputy Chairman, Delegate CEO, Alloys Division)
• Edouard Duval (Vice President)
• Gilbert Lehmann (Vice President)
• Manoelle Lepoutre (independent director)
• Jean-Hervé Lorenzi (independent director)
• Louis Mapou
• Michel Quintard
• Michel Somnolet (independent director)
• Frédéric Tona (independent dirctor)
• Antoine Treuille (independent director)
• AREVA, represented by Mr Pierre Charreton
• CEIR, represented by Mr Patrick Duval
• SORAME, represented by Mr Cyrille Duval
• Claire Cheremetinski

Key figures[link]

• 14 200 employees worldwide, in more than 20 pays on 5 continents
• 47 industrial sites
• Turnover : €3.6 billion in 2011
• 2/3 of sales outlets in the steel industry
• Breakdown of turnover by region :

- Europe : 44%

- Asia : 33%

- North America : 19%

- Africa and Oceania : 4%

References[link]

External links[link]

• Official website

• Subsidies websites:

- Aubert & Duval

- Erasteel

- Erachem Comilog Europe

- Comilog

- SLN

- ERAMET Marietta

- GCMC

- Eurotungstène

- Weda Bay Nickel

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