Reuters reported that German metals trader Kloeckner & Co is eyeing more acquisitions after announcing that it was buying US rival Macsteel.

Mr Gisbert Ruehl CEO of Kloeckner & Co said that "We have used up a large part of our financial means for the planned acquisition, but funds for further acquisitions would be available."

He said that the main area of focus was Brazil, but small acquisitions in the US were also possible.

At the end of third quarter, the Duisburg based company had EUR 700 million available for acquisitions, a sum that Mr Ruehl wants to build up again quickly so the company can continue growing.

He said that "We will go to the market in due course."

The company has raised funds by issuing new shares in the past. It has acquired 22 rival companies since its initial public offering four years ago, making it Europe's biggest steel trader.

(Sourced from www.reuters.com)