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      "text": "25 plants globally; >1,800 employees\n#1 globally in Steel Dust Recycling and #1 in Europe Alu Salt Slags Recycling Services\n€215m EBITDA in 2022; Earnings split: c. 80% Steel / 20% Alu services\nDividend distribution: 40-50% of net profit; €50m or €1.25/share in July 2023 for 2022\n2017 IPO Frankfurt Stock Exchange -> 2018 SDAX -> 2021 MDAX",
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      "text": "100% circular economy: Recycling 2 Mt hazardous residues from secondary steel (EAF) and aluminium industries\nExtracting zinc, aluminium, salt and selling those back to the market preventing the use of virgin resources\nProducing iron oxide and aluminium oxide as useful industrial filler materials",
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      "text": "Environmental regulation -> Befesa 1st mover as market leader: 2010 Turkey, 2012 South Korea, 2017 China\nAcquisition: 2021 Steel Dust recycling assets (AZR); 2022 Zinc refining asset (AZP)\nMarket and customers growth: Decarbonisation drives EAF vs. BOF with c. 1.5t CO2 less per ton of steel; EV accelerates Alu growth (c. 120kg '06 -> 190kg '22 -> 250kg '30 alu per car)",
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