More than half a billion forints worth of scrap metal is set to be auctioned off as the liquidation of Ecometalex Recycling Kft., a formerly high-growth Hungarian industrial waste management company, continues. The auction, listed on the Electronic Sales System, includes 3,000 tons of steel, 400 tons of stainless steel, and 40 tons of aluminum, according to details of the sale.
Ecometalex experienced significant growth in the early 2020s, with revenue increasing from around 2-3 billion forints in the late 2010s to 8.5 billion forints in 2022. The company too reported over 2 billion forints in profit over a four-year period, according to reporting on the company’s trajectory. This success led to its inclusion in the Budapest Stock Exchange’s BÉT50 list of successful companies in 2023.
The company’s business model centered on acquiring industrial waste from factories, sorting it by chemical composition, size, and thickness, and then reselling it to foundries and metal processors. At the time, the company’s owner expressed ambitions to forge closer ties with newly established battery manufacturers in Hungary, anticipating further growth.
Whereas, signs of financial difficulty emerged despite the apparent success. According to reports, the company frequently lacked sufficient funds to cover its debts to suppliers. Increasing numbers of enforcement actions were initiated against Ecometalex after 2023, including actions by the tax authority. The company ceased publishing financial reports in 2024, and the court ordered its liquidation in October of last year.
Alongside the financial troubles, the company’s online reputation suffered. Reports indicate a decline in Google reviews and increasing complaints from individuals and businesses claiming non-payment, with some alleging debts exceeding several thousand euros. The company’s website is now inaccessible, and previously listed contact numbers are no longer functional.
Ecometalex Recycling Kft. Is registered in Csömör, Hungary, and was founded in 2002. Its primary activity is wholesale of waste and scrap metal, and it also handles the collection, pre-treatment, transport, trading, and recovery of non-hazardous waste. As of January 2026, the company was listed as “under liquidation” with a registered capital of 3 million forints, and reported a net revenue of 7.29 billion forints in 2023.
The proceeds from the sale of the scrap metal will be used by the liquidator to repay the company’s creditors, or at least a portion of their debts. Requests for comment from the company’s owner regarding the reasons for the liquidation have not yet been answered.
