board chairman. In 1998, the company bought out Australian National Industries for its steel operations and in 2000 they purchased NSW’s leading scrap metal recycler, Metalcorp. In 2001, Smorgon Steel purchased Palmer Tube Mills and joined OneSteel in a partnership to acquire Email Ltd. The steel products distributor, Albion Steel Group, was purchased by Smorgon Steel in 2002. In 2003, Smorgon Steel acquired a 50% stake in the Hong Kong company, Hartwell Pacific Ltd, to export steel to foreign markets. In September the same year, the company bought Chantlers Metal Recyclers, the second largest scrap dealer in Sydney. During this time, members of the Smorgon family began to sell their shares in the company, reducing the family’s shareholding position. Smorgon Steel was sold to OneSteel in 2007. Divestment of assets In December 1994, Victor Smorgon stepped down as chairman of Smorgon Consolidated Industries along with Sam and Eric Smorgon and Charlie Holckner. The new board consisted of the younger family generation with George Castan, David Smorgon, Raymond Orloff, David Holckner, Robert Smorgon and Leslie Green. Graham Smorgon became the new chairman. In February 1995, the new board decided to divest the Smorgon family of their conglomerate, Smorgon Consolidated Industries. Smorgon Consolidated Industries had a complex shareholder structure of over 100 members from seven distinct family groups and so the aim of this move was to sell many of the company businesses so that all members could profit. At the time of the breakup, Smorgon Consolidated Industries employed over 400 people, operated companies in steel, meat, plastic containers, paper mills and recycling and was worth $1.5 billion. By August 1995, the meat, plastic containers, paper mills and recycling businesses were sold. Smorgon Consolidated Industries also sold the property portfolio of Victor Smorgon and Ron Altman and Victor and Loti Smorgon’s American Contemporary Art collection as these were purchased using the company’s finances. No family member could purchase the company assets for sale with the exception of Victor Smorgon who retained a small plastic recycling plant. After this period of sales, the family was left with their steel business, Smorgon Steel. After the company went public in 1999 the family still retained 67% but, over time, family members have sold their shares. Members of the Smorgon family used the money from the Smorgon Consolidated Industries breakup to fund other ventures. The Victor Smorgon Group was created to run the plastics recycler, Vicfam,