In a recent statement from HC Starck the company has announced that one of its aims for 2014 will be to noticeably expand its market position in the tungsten segment, becoming the world’s largest independent tungsten provider. HC Starck stated its plans to commission two major tungsten joint ventures, one in China and one in Vietnam, were under way.
“Thanks to our joint ventures, we are in an outstanding position to leverage Asia’s market potential and use the demand in the tungsten segment for our growth,” stated Andreas Meier, CEO of H.C. Starck. “Together with our existing tungsten powder production activities in Germany and Canada, this will make us the world’s largest independent tungsten producer.”
HC Starck stated that the products from the two joint ventures will be used as high-performance materials in many growth industries, particularly tool construction, medical technology, the automotive and aviation industry, as well as in the energy sector; in wear parts for the mining, tunnel and road construction sectors; as metal for alloys, and in catalyst production for the chemicals industry.
In financial results published by HC Starck it reported that after two years of strong growth, the company posted group sales of €703.9 million in 2013, below the previous year’s figure of €862.9 million. The report stated that the tungsten metal powder business was affected by a sharp decline in the European market and decreases in raw material prices, especially in the first half of the 2013. Toward the end of the year, however, this segment experienced a noticeable recovery that brought a positive start to fiscal 2014.