CMA takes over Meretec steel plant

Archiv – Metals recycling group CMA Corporation Limited of Sydney, Australia, has acquired the Meretec Steel Recycling Plant from Chicago-based developer Meretec Corporation.Australia / US | Metals recycling group CMA Corporation Limited of Sydney, Australia, has acquired the Meretec Steel Recycling Plant from Chicago-based developer Meretec Corporation.
’This will be CMA’s first foray into the US market, representing a major step forward for the company, giving us greater geographic diversity and a new revenue stream for the group,’€™ CMA’€™s Managing Director Peter Hatfull says of the US$ 7.7 million (Euro 5.3 million) purchase. Commissioned in 2003, the facility will initially recycle 125 000 tonnes of galvanised steel per annum to produce around 2000 tonnes of a high-grade zinc particulate and approximately 122 000 tonnes of clean black steel.
In related news, CMA has confirmed that the Transpacific Industries Group (TPI) of Milton, Australia, is to become a major strategic investor in the CMA Corporation. A supplier of waste and environmental services in the Pacific region, TPI has the right to acquire up to 15% of CMA’€™s issued capital for approximately US$ 25 million (Euro 17 million).