Stemcor, the venerable British steel trader, finds itself amidst discussions of a potential sale, a mere year after it changed hands under Chinese ownership. The recent weeks have witnessed deliberations surrounding a fresh change in ownership for Stemcor, a company founded by the father of Dame Margaret Hodge, a Labour MP. Presently headquartered in Jersey, Stemcor came under the purview of ShouYe Holdings, a Hong Kong-based entity, in July of the previous year. Prior to this, it was a constituent of Cedar Holdings Group, a mainland Chinese firm that encountered difficulties repaying its debts.Established in 1951 by Mr. Hans Oppenheimer, a German immigrant, Stemcor soared to become a formidable force in steel trading and stockholding across the globe. However, it faced financial challenges in the aftermath of the 2008 financial crisis, leading to a profound restructuring of its debts. Eventually, the company underwent a division, with Moorgate Industries emerging as the counterpart primarily consisting of assets in India.Dame Margaret, a vocal critic of multinational companies' tax avoidance strategies, was linked to the business due to her father's founding role. In 2015, reports surfaced regarding her alleged involvement in a Liechtenstein foundation that held shares in Stemcor. As discussions unfold regarding a potential sale, Stemcor has chosen to remain tight-lipped on the matter.
Stemcor, the venerable British steel trader, finds itself amidst discussions of a potential sale, a mere year after it changed hands under Chinese ownership. The recent weeks have witnessed deliberations surrounding a fresh change in ownership for Stemcor, a company founded by the father of Dame Margaret Hodge, a Labour MP. Presently headquartered in Jersey, Stemcor came under the purview of ShouYe Holdings, a Hong Kong-based entity, in July of the previous year. Prior to this, it was a constituent of Cedar Holdings Group, a mainland Chinese firm that encountered difficulties repaying its debts.Established in 1951 by Mr. Hans Oppenheimer, a German immigrant, Stemcor soared to become a formidable force in steel trading and stockholding across the globe. However, it faced financial challenges in the aftermath of the 2008 financial crisis, leading to a profound restructuring of its debts. Eventually, the company underwent a division, with Moorgate Industries emerging as the counterpart primarily consisting of assets in India.Dame Margaret, a vocal critic of multinational companies' tax avoidance strategies, was linked to the business due to her father's founding role. In 2015, reports surfaced regarding her alleged involvement in a Liechtenstein foundation that held shares in Stemcor. As discussions unfold regarding a potential sale, Stemcor has chosen to remain tight-lipped on the matter.
