A stainless steel scrap recycling business in Sheffield has seen a pre-tax profit of £8.2 million, down from £10.2 million in 2011.
ELG Haniel is one of four corporate divisions of German company Franz Haniel and Cie GmBH in Duisburg. Operating in more than 30 countries, the Haniel group employs more than 58,000 workers worldwide and sales excess of £21.6 billion.
According to a report filled at Companies House, ELG Haniel Metals said that 2011 was a challenging year for its core business of stainless steel and scrap recycling.
Based at Templeborough Works, the business said that the majority of its profit was made in the first quarter when there was a sharp rise in metal prices and strong demand from all major steel producers. Business subsequently tailed off with stock levels halved by the year-end.
ELG which has more than 215 employees, said that the prospects for 2012 were encouraging with the first quarter steel production back to full capacity.
The company hoped increased efficiency and an emphasis of quality and range of products would help increase profitability although it did not anticipate upping sales.
ELG Haniel paid out a £7 million dividend to its German parent despite the drop.