Recycling and steel companies have had a more profitable year from their financial crashes in 2009, while packaging giants have fallen further, according to results in the Sunday Times Rich List 2010.
One of the biggest winners in the industry this year are Phillip Sheppard and family, owners of European Metal Recycling (EMR). Having experienced profits halve to £63m in 2008, Sheppard and family are now worth £530m, having added £200m to their fortune in the past year. The family has also risen 30 places, positioning them at 121 – equal with property and finance businessman Jim Mellon.
Staying at the top spot is steelmaker Arcelor Mittal founder Lakshmi Mittal, having more than doubled his fortune in the past year to £22,450m. In last year’s list his wealth stood at £10,800m. Steel manufacturer and miner Alisher Usmanov, owner of Metalloinvest came in at sixth place with £4,700m.
However, Hans Rausing and family, founders of packaging firm Tetra Pak has stayed level with their fortune at the beginning of the year with £4,000m, placing them as the 11th richest people in Britain. Last year Rausing and family were the fifth richest people in Britain but had lost £1,400m in 2008. Additionally, packaging group Linpac founders Michael Cornish and family lost £100m this year, bringing their wealth down to £497m. The Sunday Times attributes this to the banks taking over the company from Montagu Private Equity last year in a refinancing deal. Although the family made £700m from selling to Montagu in 2003, £120m went back into the business. They now sit at 140, down from 74 in 2009. Smurfit Kappa founder Sir Michael Smurfit and family bucked the packaging trend a little, adding £1m to their £294m fortune in 2009.
The Mackie family which owns electrical wholesaler CEF Holdings and has connections with Electrical Waste Recycling Group has lost £120m this year, bringing their wealth down to £330m.