- Business
- Afarak Group SE (AFAGR.HE) operates as a vertically integrated producer of specialty alloys and ferroalloys, supplying chrome-based products and raw materials to the steel, stainless steel, automotive, aerospace, nuclear, oil & gas, and power generation industries worldwide. The company produces chrome ore, charge chrome, medium carbon ferrochrome, low carbon ferrochrome, silicomanganese, and chromite concentrates; it sells finished chrome products exclusively through its Afarak Trading division while exporting raw chrome ore directly to China. Operations span mining in South Africa (Vlakpoort and Mecklenburg mines) and Turkey (Turk Maadin Sirketi A.S.), processing in Germany (Elektrowerk Weisweiler GmbH), and sales offices in London, Helsinki, and Malta, with customers across Europe, the United States, China, Africa, and Finland. Founded in 1985 and headquartered in Helsinki, Finland, the company maintains listings on the Nasdaq Helsinki and London Stock Exchange. In recent developments, Afarak sold its Zeerust mine assets in South Africa, reported a 16.3% revenue decline to EUR 128.6 million for 2024 amid weaker ferrochrome prices and market slowdowns, yet achieved increased production volumes to 144,956 tonnes in the second half of 2024 alongside mining growth in Turkey and South Africa, and anticipates improved chrome ore prices into 2025.