SWOCTEM, a subsidiary of Friedhelm Loh, agreed to acquire a 5% stake in Klöckner & Co, a producer-independent steel and metal distributor, in a $1.39bn deal. “As a long-term oriented investor, SWOCTEM is interested in sustainably strengthening the position of Klöckner & Co as a producer-independent distributor of steel and metal products and steel service company in the international competition. The aim is to enable the Company to face the macroeconomic environment, which is characterized by numerous challenges, on a legally and economically stable basis. In addition, we want to promote the further strategic and entrepreneurial development of the Klöckner Group in the best interests of the company and all stakeholders," Friedhelm Loh, SWOCTEM CEO.