Merger of GMR Recycling Ltd. and Hringrás hf.

The Competition Authority has been reviewing the acquisition by GMR Recycling Ltd of specified assets and business assets of Hringrás Ltd. The acquisition concerns those assets of Hringrás used in its day-to-day operations, enabling the business to continue in an unchanged form. GMR is a company that specialises in recycling scrap metal using an electric arc furnace, producing iron billets at its steelworks. GMR focuses on producing steel used for electrical conductors in aluminium smelters. Hringrás is a waste management company that specialises in the collection and sorting of various materials, such as scrap metal, cars, electrical equipment, tyres, and metals, as well as the reception of various hazardous substances. A large part of Hringrás's operations consists of collecting, sorting and selling scrap metal for export. According to the merger agreement, the purpose of the transaction is to strengthen the operational position of the GMR recycling plant, in part by securing access to raw materials for the plant.