Lugano-based steel trading company Duferco, currently owned by Chinese steel giant Hbis, is reportedly set to be acquired by Abu Dhabi-based sovereign wealth fund International Resources Holding (Irh). Irh is affiliated with the Abu Dhabi-based International Holding Company and is managed by Sheikh Tahnoon bin Zayed Al Nahyan.
According to LaRegione, Duferco’s financial situation is delicate. Operational losses in 2024 are estimated at around USD 31 million, mainly due to falling steel prices and intensified global competition. Hbis is reportedly preparing the sale to reduce its exposure in international steel trading.
The potential acquisition by Irh is seen as part of the United Arab Emirates’ strategy to expand in the global metallurgy sector. In 2025, Irh strengthened its position in the copper, tin, and steel supply chain by acquiring the Mopani mines in Zambia and the Bisie mines in the Democratic Republic of Congo.
LaRegione reports that the Duferco deal aligns with Abu Dhabi’s goal of diversifying its portfolio beyond the energy sector and strengthening its presence in Europe. Duferco employs around 250 people at its Lugano headquarters and operates a robust logistics and trading network.
Source: LaRegione
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