Dutch recycled aluminium producer Metalcorp to shift its Amsterdam headquarters to Luxembourg

Metalcorp, one of Europe's leading independent producers of secondary aluminium slabs (recycled aluminium) based at Amsterdam has announced their plan to shift its Amsterdam headquarters to Luxembourg. The company expects to save up to €1 million through the relocation.

The move comes as an aftereffect when the metals industry is taking up various cost cutting and revenue generation measurers to withstand US president Donald Trump's 10% tariff on aluminium imports, as well as sanctions against leading aluminium producer Rusal.

Mark Nunes, CFO of the company, told the Luxemburger Wort that the company is shifting to Luxembourg to minimise its costs.

"In addition, we can simplify our corporate structure and reduce the administrative burden," Nunes added.

The new corporate headquarters is scheduled to commission in this year; however, there is no plan to relocate production facilities to Luxembourg. The company, which operates in 18 countries, has four plants in Germany.

Nunes also said that Metalcorp did not expect its operations and results be affected by the US tariffs. US is not a key export destination for the Metalcorp Group.

According to its 2017 annual report, Metalcorp’s sales revenue stood at €593 million and the net profit increased to €13 million in comparison to €8 million in 2016. Metalcorp Group expects its aluminium division to generate a record result again in 2018.

It is to be noted that on July 6 2018, Metalcorp Group B.V. acquired the remaining 50% of the shares in Stockach Aluminium GmbH from its co-shareholder through its subsidiary, BAGR Berliner Aluminiumwerk GmbH, in order to expand its leading position in the production of alloyed aluminium slabs.

Luxembourg houses a handful of aluminium companies such as Gottschol Alcuilux, Hydro Aluminium Clervaux and Eurofoil.