From Brazilian steel to transport, industrial-site reconversion and renewable-energy investments: Duferco has covered a lot of ground in the last 45 years. Olivier Waleffe, managing director of the Belgian division, has counted on Grant Thornton to manage this transition for the last two decades. “A reliable partner brings reassurance in times of change.”
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Duferco was founded in Brazil in 1979, where the steel industry was once booming. “In the first twenty years, Duferco expanded internationally with its steel production and trade”, says Olivier.
“But around fifteen years ago, steel was no longer big business as it was before, particularly on the European mainland, and Duferco diversified its activities. The focus these days lies on investing in renewable energy, the reconversion of old industrial sites and logistics activities.”
“This turnaround at group level, caused by the economic situation, had an enormous impact on its activities in Belgium. Various sites closed down, and suddenly an organisation employing 3,800 people became an SME with under 40 employees. I was appointed to manage this major transition in our country smoothly.”
The smaller workforce is due to the way in which Duferco operates today. “We work entirely on a project basis”, explains Olivier. “For each project we approach other partners for the implementation, to suit the customer request or market evolution. And that requires flexibility: internally, among our shareholders, with our partners …”
Olivier found that flexibility with Grant Thornton too. “When I joined Duferco, the company had already been working with Grant Thornton for several years for fiscal assistance and accountancy”, he says. “But these days, the collaboration goes way beyond the ‘traditional advice’ from the past. We have a growing number of strategic questions to which Grant Thornton always has an answer, whatever the topic.”
“Grant Thornton is not only flexible in terms of expertise, but also in their approach to our questions. Our contact people always listen very carefully to our requirements and then respond with tailored advice for each project. That sounds logical, but many other financial advisors simply just stick to their usual way of working regardless. After all, it’s much easier to duplicate existing solutions than to consider each situation as unique and to search for an ad hoc solution.”
Extended and educational collaborationEmmanuel Mariage, Tax & Legal Partner at Grant Thornton, has been working for Duferco for over 25 years. “Such a long partnership is quite unique in our sector”, says Emmanuel. “Besides the recurring tasks, such as tax declarations, we are also often given very specific assignments. That makes our life exciting and enriching.” “A lovely example is the property tax that Duferco owes annually for its different sites. This regional tax is pretty complex, which means it’s quite hard for companies to find help. Stimulated by Duferco we have dived deeply into this subject and are now one of the few advisors who specialise in this domain.” Questions about property tax or other tax matters? |
What will be the biggest challenge for Duferco in the coming years? “Finding fast solutions to issues we are still unaware of today”, according to Olivier. “We’ll soon be co-investing as a 50% shareholder in a project related to renewable energy. We’ve never worked like this before, so we’ll have to test it out. Meanwhile, that’s part of our DNA, but it’s still always an adventure.”
“It’s really helpful that we can depend on Grant Thornton at such times, on an advisor who knows us properly, who always joins us in thinking things through and also who inspires confidence among our partners and customers. I also prefer to say ‘thrilling prospects’ than ‘challenges’, since I have plenty of faith in the future.”
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