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Steel trader "Stemcor" ready to participate in "Liepajas metalurgs" rescue

 RIGA, April 26 - Today, Prime Minister Valdis Dombrovskis (Unity) had a brief meeting with the British steel trading company "Stemcor" which expressed its readiness to participate in solving "Liepajas metalurgs" problems.

Economy Minister Daniels Pavluts also participated in the meeting, Dombrovskis' press secretary Martins Panke told LETA.

Dombrovkis informed "Stemcor" representative Ralph Oppenheimer, whose family owns a controlling interest in "Stemcor", about the current situation at "Liepajas metalurgs".

Oppenheimer expressed his readiness to take part in solving "Liepajas metalurgs" problems. The sides also discussed the possibility of "Stemcor" joining the club of "Liepajas metalurgs" creditors.

"Stemcor" has been cooperating with "Liepajas metalurgs" for 17 years, explained Panke.

"Stemcor" trades around seven million tons of steel and ten millions of steel-making raw materials each year. The company employs 2,000 people in a network of offices in 45 countries worldwide. "Stemcor" turned over GBP 5 billion (LVL 4.15 billion) in 2012, and GBP 6 billion (LVL 4.98 billion) in 2011. The company suffered GBP 20 million (LVL 16.6 million) in losses in 2012. In 2011, "Stemcor" earned GBP 65 million (LVL 53.95 million) in profit. The majority of "Stemcor" shares are held by the Oppenheimer family.

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