GMS’s aim is to become the world’s largest and most profitable trading, distribution and stockholding group in steel and steel-making raw materials.

Our strategy for achieving this aim is to expand GMS’s participation at every step in the steel supply chain via organic growth, greenfield growth and growth by acquisition. We will continue to build on our core business - international trading of steel and steel-making raw materials - and find innovative ways to add value as a service provider.

There is still substantial scope for developing the international trading business. Geographically, we are continually extending our infrastructure, particularly in emerging economies. We will look to establish an office in any country where there is scope for us to intermediate significant flows of steel or steel-making raw materials and where there are prospects for sustained growth. Elsewhere we are developing business through dedicated staff who regularly travel to establish and nurture customer and supplier relationships. There are also product areas that GMS intends to develop further and we are targeting specific industries such as power and utilities, oil & gas and automotive by appointing market sector specialists.

In raw materials we continue to leverage relationships with our steel producing

partners, offering a dependable source of raw materials in return for off-take arrangements. We also benefit by gaining knowledge of the input variables that affect steel prices and often derive extra income from structured finance packages. The trading side of the raw materials business can be grown substantially without further investment in fixed assets, but we are actively seeking opportunities to make new mining investments.

A key part of our strategy is to diversify both up and down the supply chain, broadening our capability in supply chain management and protecting our core trading business from the threat of disintermediation from steel producers.