Australian steelmaker BlueScope has acquired the ferrous scrap steel recycling business of US firm MetalX, based in Indiana.
The transaction of US$ 240 million (EUR 212 million) was completed on 17 December. The company will now operate under the name BlueScope Recycling and Materials. MetalX initially linked up with BlueScope to supply scrap feed to BlueScope North Star, its electric arc furnace steel mini mill in Delta, Ohio. The steelmaker hopes the deal will help strengthen its position in America.
‘The US is a key focus for our future growth,’ says company ceo Mark Vassella. ‘The MetalX ferrous acquisition adds to BlueScope’s extensive US asset footprint of over US$ 3 billion which spans steelmaking, steel coating and painting, engineered building systems and industrial property development. We have current and intended expansion projects totalling up to US$ 1.5 billion, including the North Star expansion project.’
MetalX is a family business founded by Danny and Neal Rifkin in 2012. It grew into a full-service scrap metal recycling company engaged in ferrous and nonferrous scrap processing, consulting and management services as well as advanced metal recovery technologies. The company is headquartered in Waterloo and currently employs 200 people in four facilities concentrated in northeast Indiana and northwest Ohio.
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