METAL MANAGEMENT FORMS NEW VENTURE
Metal Management Inc. has formed a wholly owned subsidiary and has entered into a joint venture agreement with Donjon Marine Inc. to form Port Albany Ventures LLC.
The joint venture has acquired substantially all of the assets of a business that conducts stevedoring and marine services operations on the Hudson River adjacent to Port Albany Terminal in New York State. Metal Management, through a wholly owned subsidiary, has contributed cash of approximately $6.6 million in addition to the marketing and operational experience it brings to the joint venture.
Donjon Marine Inc. has made an equal cash capital contribution to form the joint venture. Metal Management expects the joint venture will be accounted for under the equity method of accounting.
"This joint venture is an outstanding opportunity for Metal Management to expand its stevedoring and material handling business," Daniel Dienst, chairman, CEO and president of Metal Management Inc., says. "The Port Albany facility is an already established and very profitable business. Its Hudson River location will complement our port activities downriver at Port Newark in New York Harbor. We will evaluate opportunities to broaden the utilization of the 28-acre facility beyond its current base business including, but not limited to, the potential for recycling activities."
Alan Ratner, president and CEO of Metal Management Northeast, says, "The acquired business mirrors and complements our existing and rapidly growing stevedoring business at Port Newark Terminal."
Metal Management operates about 40 recycling facilities in 14 states.
MICHIGAN LAUNCHES MERCURY SWITCH RECOVERY PROGRAM
The Alliance of Automobile Manufacturers, based in Washington, has joined with the Michigan Department of Environmental Quality (MDEQ) to launch a statewide mercury switch collection program for end-of-life vehicles.
The voluntary program will collect and recycle mercury-containing switches found in convenience lights and ABS braking systems of end-of-life automobiles to ensure they are safely removed before vehicles are shredded, crushed or smelted, preventing the mercury from being released to the environment.
As part of this program, the Alliance of Automobile Manufacturers continues to work with MDEQ and program participants to develop, produce and distribute educational materials to motor vehicle recyclers. The training video "The 48 Second Solution" can be viewed at www.michigan.gov/deqmer
curyp2. Also, the Alliance is providing funding for supplies and transportation to the MDEQ designated disposal/recycling sites.
The initial phase of the program is expected to run through September 2006. The Alliance of Automobile Manufacturers and MDEQ will then participate in a joint evaluation of the project.
STEELCORR SEARCHES FOR LOCATION
SteelCorr LLC, a company that was created several years ago to build and operate a steel mini-mill, has taking tentative steps toward building a facility in the South. The company has looked at locations in Louisiana, Arkansas and Mississippi. The facility, if built, would have an annual capacity of nearly 1.7 million tons of hot rolled and cold rolled steel.
While the company has received an air permit from Arkansas, a more likely location for the proposed project may be Lowndes County, Miss.
Mississippi has put together a financial package, including $25 million in grant money and a loan of $10 million, to help with construction expenses.
The Mississippi Department of Environmental Quality (DEQ) held a public hearing March 29 for comments and to decide whether to issue a Construction Prevention of Significant Deterioration and an Operating Permit. If SteelCorr receives these, it would have to break ground on the project within 18 months.
The company also is seeking to complete a financing package for the project, estimated to cost $650 million.
Jerry Cain, Mississippi DEQ Environmental Permitting Division chief, says that if the company can get financing in place, it likely will build in Mississippi.
The U.S. Labor Department issued a notice about the loan with the Federal Register in late March, seeking comments on the $25 million package, which is slated to come from the U.S. Department of Agriculture’s Rural Development Agency (RDA).
The Labor Department and the RDA are expected to make a decision on the loan package by the first half of April.
Explore the May 2005 Issue
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