A global company

The Company was created under the name Le Nickel in 1880, originally for the exploitation of nickel mines in New Caledonia.

Under the majority control of the Rothschild family since the end of the 19^th century, in the late 1960’s it became the parent company of all the Rothschild group’s mining subsidiaries (Le Nickel-Penarroya-Mokta group). Later milestones in the life of the Company and Group are as follows:

The nickel business is made into a subsidiary under the name Société Métallurgique Le Nickel-SLN: Elf Aquitaine acquires a 50% interest in the new company. The former company Le Nickel changes its name to Imétal and holds the remaining 50% of Société Métallurgique Le Nickel-SLN.

As part of an industrial, shareholding and financial restructuring programme, ERAP, a French state-owned company, acquires a 70% interest in the Company’s capital. Imétal and Elf Aquitaine’s stakes are reduced to 15% each.

The assets located in New Caledonia are grouped together in Société Métallurgique Le Nickel-SLN, a wholly-owned subsidiary of a new parent company called ERAMET-SLN, in which the shareholders remain 70% ERAP, 15% Imétal and 15% Elf Aquitaine.

From 1989 onward, in order to smooth out the effects of nickel cycles, the Company adopted a strategy of diversifying into complementary activities, with the aim of holding strong global positions on its main markets.

Acquisition of the French company La Commentrienne and the Swedish company Kloster Speedsteel, the world’s third-largest and biggest producers of high-speed steels, respectively. The two companies were grouped together in 1992 into a new company called Erasteel, wholly owned by ERAMET-SLN, making it the sector’s global leader with over 25% market share.

Long-term commercial and financial partnership with Nisshin Steel (a major Japanese stainless steel producer), resulting in the gradual acquisition of an interest in Société Métallurgique Le Nickel-SLN.

Nisshin Steel’s stake reached its definitive level of 10% at the end of October 1994.

Société Métallurgique Le Nickel-SLN and ERAMET-SLN take on their current names of Le Nickel-SLN and ERAMET, respectively.

Acquisition of a 51% stake in Eurotungstène, a producer of cobalt and tungsten powder.
Private placement followed by ERAMET’s listing on the Secondary Market of the Paris Stock Exchange for 30% of its capital by divestment by ERAP, Elf and Imétal.

The BRGM group (Bureau de Recherches Géologiques et Minières, a French state-owned company) contributes its subsidiary Cofremmi, holder of nickel mining reserves in New Caledonia, in exchange for the grant of shares representing 2.34% of ERAMET’s new capital.

Transfer of the ERAMET share to the Paris Stock Exchange Main Market (Monthly Settlement compartment).

Agreement with Gengabon under which the Gencor group company sells ERAMET a 15% stake in Comilog, in which ERAMET now holds 61%.

Agreement for exchange of Poum / Koniambo mining licenses in New Caledonia.

Several major operations carried out, leading to the current capital structure and the Group’s current business configuration:

• Integration into the Group of SIMA (Duval family), a leading world producer and converter of high-performance special steels and nickel alloys,
• Divestment of 30% of Le Nickel–SLN to ERAP in exchange for ERAMET shares; ERAP then transfers that stake to a New Caledonian state-owned structure, Société Territoriale Calédonienne de Participation Industrielle (STCPI). The French state transfers ERAP’s remaining interest to Cogema, which is then made part of the Areva group,
• Acquisition of the Norwegian group Elkem’s manganese activities, making ERAMET the world’s foremost producer of manganese alloys and broadening its product range with high value-added refined alloys.

Acquisition of the Mexican company Sulfamex, a producer of manganese-based agrochemicals.
Inauguration of Moanda industrial complex (Gabon), a manganese ore beneficiation and sintering plant that broadens Comilog’s product range and extends the lifespan of its reserves.

Launch of the 75,000-ton programme, intended to increase nickel production capacity by 25% in New Caledonia.
Launch of investment in a new forging and closed die-forging plant in France with a 40,000-ton press.

Closure of a ferromanganese blast furnace in Boulogne sur Mer (France) and a silicomanganese electric furnace in Italy.

75,000-ton programme in New Caledonia: commissioning of new furnace and beginning of ramp-up.
Launch of capital investment programme for a 50% increase in manganese ore production in Comilog.
Launch of capital investment programme in China for a new manganese derivatives plant serving the alkaline battery market.
Buyout of the AREVA group’s minority interests in the Manganese Division.
Purchase of 80% of Comilog Asia, the company holding the Guilin and Guangxi joint ventures in China, from Comilog.

Decision made to increase Comilog’s ore production capacity to 3.5 million tons by 2008.
Oil catalyst recycling business strengthened through two projects by ERAMET subsidiary Gulf Chemical and Metallurgical Corporation (GCMC): 100% stake acquired in Bear Metallurgical Cy and construction of a new oil catalyst recycling unit started in Canada.
30-year concession obtained in November 2005 for the Transgabonais railway (Gabon).
Erasteel: Joint venture with China’s Tiangong called off.
Aubert & Duval: Construction of a tool steels distribution centre in Wuxi (China) started.

Aubert & Duval: opening of tool steel distribution centre at Wuxi (China).

Acquisition in May of the Weda Bay Nickel deposit at Halmahera in Indonesia, which will eventually enable ERAMET Nickel to double its production, with a production target of 60,000 t and start-up scheduled for 2013.

Aubert & Duval began operations at its new closed-die forging plant at Pamiers (40,000 t press) in mid-2006.

Manganese ore production reached 3 million tonnes in 2006.

17 April 2007 - inauguration of the new Chinese plant at Chongzuo (Guangxi Province) for production of electrolytic manganese dioxide for Chinese manufacturers of alkaline batteries.

Construction of new oil catalyst recycling plant launched in Canada.

On 23 July 2007, the stake held by Société Territoriale Calédonienne de Participation Industrielle (STCPI) in the capital of Société Le Nickel-SLN (SLN) was increased to 34%.

At the end of 2007, construction of a high-speed steel drawing workshop at Tianjin by Erasteel. The first deliveries from this new plant started in November 2007.

Manganese ore production reached 3.3 million tonnes in 2007.

New Caledonia: end 2007, opening of Poum mine.

July : acquisition of a 58.93% controlling interest in the Norvegian Group TINFOS ( 55.78% economic interest).

October : agreement on the acquisition of a purchase option with the shareholders in Otzojondu Mining (Pty) with a view to studying the possible development of Namibia's Otzojondu manganese deposit.

January : agreement signed with the Southern Province of New Caledonia with a view to studying the development of the Prony and Creek Pernod nickel deposits in New Caledonia.

February : Weda Bay project : partnership and agreement for the sale of 33.4% of Strand Minerals (Indonesia) to Mitsubishi Corporation.

February 19th, 2009 : Lithium: Partnership with Bolloré group
ERAMET announced it had entered into a partnership with the Bolloré group. The agreement concerns the mining and processing of lithium for the manufacture of rechargeable electric batteries for the automotive sector.

March 12th, 2009 : Tinfos: New agreement for ERAMET to raise its stake to 100%
ERAMET announced a new agreement allowing it to increase its interest in Eralloys (company grouping together the activities of the former company Tinfos, excluding Nottoden electricity plant) from 56 to 94.3% while reducing its stake in Notodden from 56 to 34%. The holders of minority interest in Eralloys will then be offered the buyout of their shares. This will enable ERAMET to raise its stake to 100%.

April 7th, 2009 : COMILOG: First stone laid at the future Moanda Metallurgical Complex of which capital expenditure will spread over the 2009 – 2013 period.

April 10th, 2009 : UKAD: Constitution of an integrated titanium stream
Aubert & Duval, a fully-owned ERAMET subsidiary, announced the choice of the Saint-Georges de Mons, Auvergne, France site for its future titanium ingot conversion activity, to be carried out with its partner, the Kazakh company UKTMP, under a 50/50 joint  venture (UKAD).