The company was founded by Herbert Coutinho and German immigrant Hans Oppenheimer, each taking half a stake in the business.

[3] On completion of the deal the company changed its name from Coutinho, Caro & Co to Stemcor, an abbreviation of Steel Marketing Corporation.

[3] Margaret Hodge, chair of the Parliamentary Public Accounts Committee, is a sister of Ralph Oppenheimer and a shareholder in the company.

The company was split into its steel and distribution business, which continued as Stemcor, and Moorgate Industries, which would hold a "troubled" Indian ore asset.

[1] It has operations in 45 countries, including in North America, South American, Europe, Africa, Asia and Australia.

[9] As well as connecting suppliers and purchasers, the company also provides logistics (including handling, load and shipping), price risk management, stockholding and special products for the oil, gas and automotive industries.