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BEFESA PRESS AND INVESTOR ANNOUNCEMENT NOT FOR RELEASE , PUBLICATION OR DISTRIBUTION , DIRECTLY OR INDIRECTLY , INTO OR WITHIN THE UNITED STATES OF AMERICA , CANADA , AUSTRALIA , JAPAN OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT . Befesa to acquire American Zinc Recycling ( AZR ) to enter the US market and become a global leader in steel dust recycling • • • • Befesa has signed the acquisition of 100 % of AZR's recycling assets for a purchase price of $ 450 million Befesa's total steel dust recycling capacity to increase by c . 40 % to c . 1.7 million tonnes across 12 facilities in Europe , Asia and the US ; becoming a global leader in steel dust recycling The transaction is highly accretive and will deliver strong shareholder returns , providing increased growth potential and near - term synergies Acquisition funded by capital increase from existing authorized capital and pre - approved term loan B add - on , maintaining Befesa's leverage ratio and continued financial strength Offering up to c . 5.9 million shares to institutional investors by way of an accelerated book building process commencing immediately The transaction also includes the acquisition of a 6.9 % minority stake in AZR's zinc refining business for $ 10 million , securing an option to acquire the remaining 93.1 % stake if certain operational and financial milestones are met Transaction expected to close in Q3 2021 - Luxembourg , 16 June 2021 Befesa S.A. ( " Befesa " ) , a leading provider of hazardous waste recycling services enabling the circular economy within the steel and aluminium industries , today announced the signing of an agreement to acquire American Zinc Recycling Corp. ( " AZR ” ) , a US market leader in providing electric arc furnace steel dust ( EAFD ) recycling services . As part of the agreement , Befesa will acquire 100 % of AZR's recycling assets for a purchase price of $ 450 million and a minority stake in AZR'S zinc refining business for $ 10 million with the option to acquire the remaining business once certain operational and financial performance milestones have been fulfilled . Through the acquisition of AZR'S recycling assets , Befesa will become a global leader in EAFD recycling with a balanced footprint across Europe , Asia and the US with 12 facilities offering c . 1.7 million tonnes of steel dust processing capacity per year . Electric arc furnace ( EAF ) is a prevailing steelmaking method in the US , representing more than 70 % of the total steel produced . As such , the US has one of the largest and growing markets of EAF steelmakers globally driven by the decarbonization trend . Headquartered in Pittsburgh , PA , AZR is a leading provider of environmental hazardous waste recycling services to the US steel industry with a processing capacity of c . 620,000 tonnes of EAFD per year . AZR operates four EAFD recycling plants located in South Carolina , Tennessee , Illinois and Pennsylvania , near the major US EAF steel mini - mills . AZR also has a zinc refining facility in North Carolina , centrally located between AZR's recycling assets , which applies new solvent extraction technology to process Waelz Oxide ( WOX ) into special high - grade zinc ( SHG ) . AZR's zinc refining business provides Befesa with a strategic vertical integration opportunity to support its EAFD recycling operations in the US . As part of this transaction , Befesa secured an option for the acquisition of the remaining 93.1 % stake in AZR's zinc refining business for a total consideration of $ 135 million , only upon fulfilment of two - phased operational and financial performance milestones