FRANKFURT Feb 18 German billionaire Albrecht
Knauf said on Tuesday that raising his stake in German steel
distributor Kloeckner to 7.82 percent is part of a
drive to further expand into steel trading.
Knauf Interfer, an Essen, Germany based steel distributor
fully owned by Knauf, is being repositioned by its new Chief
Exetutive Klaus Kremper to increase its steel trading
operations, Knauf Interfer said on Tuesday.
"In light of this background, the purchase of Kloeckern & Co
shares is a strategic investment," it added.
According to a stock exchange announcement late on Monday,
Albrecht Knauf became Kloeckner's largest shareholder by taking
a 7.82 percent stake.
(Reporting by Ludwig Burger)