Asia – Gold Mountain Recycling, Inc. of Los Angeles is to acquire Steel & Resources Co., Ltd. of South Korea, valuing it at approximately US$ 30 million.
Through this agreement, the American firm will acquire Steel & Resources’ metal processing plants, inventory assets and real estate properties. The only listed scrap company in South Korea, Steel & Resources exports to South East Asia and also to India, its largest export destination. Bulk shipment via its yard at the port of Dangjin can accommodate loads of 20 000 to 30 000 tons while also lowering transportation costs worldwide, it is claimed.
The acquisition is in line with Gold Mountain Recycling’s strategy to widen its global presence. It plans to expand Steel & Resources’ variety of metal scrap offerings and add advanced technologies and materials.