BluOr Bank Provides Financing for Metalekspo’s Further Development

The financing will be used to support the company’s operating activities, working capital needs and further growth. Metalekspo plans to increase its recycling and export volumes, develop new business areas and, over the coming years, establish a copper wire production facility, marking the next step towards the production of higher value-added products.

“Export-oriented manufacturing companies are one of the cornerstones of Latvia’s economic development. Metalekspo has built a competitive business model that enables high-quality secondary raw materials to be produced in Latvia and successfully sold in international markets. BluOr Bank consistently supports companies that invest in development, expand export opportunities and promote the production of higher value-added goods. We are therefore pleased to be the company’s financial partner in its further growth,” says Dmitrijs Latiševs, Chief Executive Officer of BluOr Bank.

Metalekspo is one of Latvia’s leading non-ferrous metal recycling companies and plays an important role in the circular economy by transforming metal waste generated in industry, construction, telecommunications and other sectors into high-quality secondary raw materials. The company specialises in the production of copper and brass granules, as well as the purchase, sorting and recycling of scrap metal. Once processed in Latvia, the metals are returned to circulation and used in the manufacture of new products.

Raw materials are sourced globally, with approximately 70% supplied from European countries, while the remaining volume comes from the United States and Africa.

After processing, Metalekspo exports its products to European and Asian markets, while the Latvian market accounts for only around 4% of the company’s total turnover. The main export destinations are Poland, Germany and China, which together account for approximately 70% of the company’s turnover. The secondary raw materials produced by Metalekspo are used in the manufacture of electrical cables, electronic components, data centre infrastructure, energy systems and other industrial products.

The company currently sells approximately 2,000 tonnes of products per month and plans to double this volume over the coming years. In 2025, Metalekspo’s turnover reached EUR 72.5 million, while in 2026 the company plans to increase it to EUR 90 million. In the long term, the company aims to exceed EUR 150 million in annual turnover, while significantly increasing its recycling capacity, sales volumes and presence in higher value-added product segments.

“Over the past few years, we have invested purposefully in recycling technologies, developing the company from a metal trading and recycling business into an increasingly important producer of high-quality secondary raw materials. Today, the copper and brass granules we produce are used in some of the fastest-growing sectors globally — energy, data centres, telecommunications and electronics manufacturing.

At the same time, both global metal prices and logistics costs have increased significantly in recent years, meaning that the company’s growth requires ever greater working capital resources. We appreciate that BluOr Bank, as our long-standing financial partner, understands the specifics of our business and is able to offer financing solutions tailored to the company’s needs.

The financing attracted will allow us to continue our development, increase recycling and export volumes, and implement the next projects on our path towards the production of higher value-added products,” says Deniss Uļjanovs, owner of SIA Metalekspo.

Over the next three to five years, Metalekspo plans to take the next step in its development by expanding into the finished products segment. The company has already acquired land, signed a letter of intent with equipment manufacturers and started preparatory work for the establishment of a copper wire production facility, with planned investment of approximately EUR 5 million.

The new facility will allow the company to expand its operations in the finished products segment by developing copper wire production for the needs of the energy, infrastructure and industrial sectors, alongside metal recycling and granulate production. This will also increase the added value created in Latvia.

Metalekspo publicity photo.