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STAR Capital Partners has acquired leading European Recycling Business

1 December 2004

STAR Capital Partners (“STAR”), the European investment fund focused on investing in capital intensive businesses, announces its agreement to acquire the steel and stainless steel dust recycling businesses of AGOR AG. The agreement became effective on 1st December with completion expected on 3rd January 2005. The transaction is subject to approval by the German Federal Cartel office. STAR is acquiring BUS Steel Services GmbH (and its subsidiaries), Scandust AB and BUS Valera SAS (together "BUS").

BUS is the European market leader in recycling dust from steel and stainless steel production - recovering metal such as zinc, nickel and chromium. It operates five plants located in Germany (Duisburg and Freiberg), France (Gravelines and Lens) and Sweden (Landskrona). The company has approximately 330 employees and in the year to 31st December 2004 is forecast to have turnover of €120 million.

Oliver Jaeger, Chief Executive of BUS, commented:

“We are very excited to have STAR as a partner in BUS. Their support will allow us to continue to offer our clients a reliable long term solution to their recycling needs.”