Alkagesta enters metals trading via Alkanavex joint venture

Malta-based commodity trading firm Alkagesta has entered the metals market through a strategic joint venture with French steel trader Navex SAS, MaltaToday reported. The new entity, Alkanavex, will be headquartered in Malta and represents a formal expansion for Alkagesta beyond its existing petroleum, fertiliser, and biofuel trading operations. The partnership follows two years of collaboration between the two companies to align their commercial and governance models. Alkagesta will hold a majority stake in the venture, with the legal and operational integration processes currently underway. The development was also covered by The Malta Independent.

The joint venture will initially concentrate on the steel sector, which the firms identified as a critical component of global manufacturing and construction growth. By integrating metals into its portfolio, Alkagesta aims to build a more comprehensive industrial materials supply platform. This move aligns with broader industry trends as commodity houses diversify their offerings to address rising global demand for infrastructure development and electrification. The company intends to leverage its existing risk management and corporate governance frameworks to support this new trading activity.

Navex brings significant industry expertise to the partnership, having been founded by professionals with over 25 years of experience. Navex CEO Jean-Pierre Artigala possesses five decades of experience in the steel sector, including senior roles at major international groups such as ArcelorMittal. The firm maintains a strong sourcing network in China, the world’s largest steel exporter, and supplies markets across East and West Africa. These regions are currently experiencing rapid economic expansion, which the partners intend to capitalise on through improved sourcing synergies and the development of new product corridors.

Alkagesta’s leadership expressed confidence that the partnership will serve as a growth engine for the firm. Orkhan Rustamov, CEO of Alkagesta, noted that the company had long viewed steel and metals as a natural progression for its trading activities. Pierre Gay, a member of the Alkagesta board, described the venture as a shared effort to create a globally competitive steel trading platform. The collaboration is expected to provide Navex with access to Alkagesta’s financial resources and established governance structures while allowing the steel trader to maintain its operational heritage.

Established in 2018, Alkagesta operates as a multinational enterprise with 17 offices worldwide. The group maintains partnerships with 28 international banks and handles more than 7 million metric tons of commodity flows each year. Its logistics infrastructure includes access to over 700,000 cubic metres of storage capacity across Europe and Asia. The company is privately held by its senior leadership and employs over 150 professionals. This expansion into metals trading complements its existing spot trading activities in petrochemicals and agricultural commodities, further diversifying its integrated supply chain capabilities.