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                                                                    EXHIBIT 21.1

                             LISTING OF SUBSIDIARIES

Subsidiaries of                                      Country, State or Province
Metallurg, Inc.                                      of Incorporation
---------------                                      ----------------
                                                                     
Shieldalloy Metallurgical Corporation                Delaware        
Elektrowerk Weisweiler GmbH                          Germany         
                                                                     
Metallurg (Canada) Limited                           Quebec          
MIR (China), Inc.                                    Delaware        
Metallurg International Resources, Inc.              New York        
   Shawdon Enterprises Ltd.                          Cyprus          
Metallurg Holdings Corporation                       New Jersey      
Metallurg Services, Inc.                             New York        
                                                                     
Subsidiaries of                                      Country or State
Metallurg Holdings Corporation                       of Incorporation
------------------------------                       ----------------
                                                    
London & Scandinavian Metallurgical Co Limited       England
   S. A. Vickers Limited (dormant)                   England
   H. M. I. Limited (dormant)                        England
   Metal Alloys (South Wales) Limited (dormant)      England
   The Aluminum Powder Company Limited               England
       Alpoco Developments Limited (dormant)         England
       Metalloys Limited (dormant)                   England
   M & A Powders Limited (dormant)                   England
Metallurg South Africa (Pty.) Limited                South Africa
W.T. Mines Limited (dormant)                         South Africa
Stand 359 Wadeville Extension 4 (Pty.) Limited       South Africa
Turk Maadin Sirketi                                  Turkey             
Gesellschaft fur Elektometallurgie mbH               Germany            
   Societe Miniere du Kivu (dormant)                 Congo              
   GfE Umwelttechnik GmbH                            Germany            
   Keramed Medizintechnik Gmbh                       Germany            
   GfE Metalle und Materialien GmbH                  Germany            
   GfE Giesserei- und Stahlwerksbedarf               Germany            
   RZM-Recyclingzentrum Mittelfranken GmbH           Germany            
Companhia Industrial Fluminense                      Brazil             
                                                    
Ferrolegeringar Aktiengesellschaft                   Zurich, Switzerland
    Metalchimica S. r. l.                            Italy              
    FAG Poland Sp. z. o. o.                          Poland             


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Aktiebolaget Ferrolegeringar                                Sweden             
Metallurg International Resources GmbH                      Germany            
    Metallurg International Resources Russia Limited        Russia

Metallurg (Far East) Limited                                Japan
Montanistica S. A.                                          Zug, Switzerland
Metallurg Mexico S. A. de C. V.                             Mexico

Atlantic Alloys and Chemicals Limited (dormant)             Jersey, CI
Caribbean Metals & Alloys Limited (dormant)                 Grand Cayman
Metallurgische Gesellschaft AG (dormant)                    Zurich, Switzerland
Brandau y Cia S. A. (dormant)                               Spain
Aleaciones Metalurgicas Venezolanas C. A. (dormant)         Venezuela
Montan Aktiengesellschaft (dormant)                         Liechtenstein

Notes

Dormant subsidiaries have no operations.


As of April 1, 1999


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