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The value and format of the deal were not disclosed.

A new ferrous and raw materials division will be created within Gerald Group, led by Mel Wilde, formerly chairman of the International Steel Traders Assn (ISTA) and md of Metalloyd.

The new division will handle more than 10 million tpy of iron ore and “significant quantities” of steel and other raw materials, according to Gerald Group.

The ferrous and raw materials division will be based in London and will start trading as part of the Gerald Group on May 1.

Existing RBGR offtake agreements will be added to Gerald Group’s portfolio.

“This merger […] will contribute to the strong growth which is already under way in our merchanting, derivatives, and structured financing businesses around the world,” Gerald Group president and ceo Craig Dean said.

RBRG will shift its focus to other commodities in its portfolio, such as shipping investments and private equity.