METALICO TERMINATES ACQUISITION
Metalico Inc. has terminated an agreement to acquire Niles Iron & Metal Co. (NIMCO), a Niles, Ohio-based recycling company.
According to the initial agreement, either party had the right to terminate the deal in the event that the closing of the transaction did not occur by Aug. 31, 2006.
According to a Metalico release, NIMCO had sent a letter to Metalico’s Metalico Niles subsidiary claiming that it is obligated to close under the asset purchase agreement. However, the release notes, Metalico Niles opted to terminate the agreement and delivered a written notice of termination to NIMCO’s counsel earlier that day.
Metalico is a holding company with operations in the ferrous and nonferrous scrap metal recycling and lead products fabrication segments. Metalico operates six recycling facilities and six lead fabrication plants in six states.
SCHNITZER STEEL ACQUIRES ADVANCED RECYCLING
Schnitzer Steel Industries has announced that it has reached a definitive agreement to acquire the assets of Max Cohen and Sons, dba Advanced Recycling, a metals recycler with four processing facilities located in New Hampshire.
Advanced Recycling handles about 250,000 tons of ferrous scrap metal and 25 million pounds of nonferrous scrap metal annually.
"This acquisition is consistent with our strategy of expanding our presence in New England and leveraging the infrastructure investments we have been making at our facilities in the area," John Carter, Schnitzer’s president and CEO, says. "The Cohen family and Schnitzer together have a long history of experience in the recycling business, and this acquisition furthers Schnitzer’s dedication to customer satisfaction, protection of the environment and the promotion of recycling throughout the New England region."
Upon completion of the acquisition, Steven Cohen, president of Advanced Recycling, will become the director of Schnitzer’s Northern New England operations.
The acquisition is expected to close before the end of the calendar year.
ISRI MEMBERSHIP TOPS 1,400
ISRI has announced that it has passed the 1,400-member company mark in August for the first time since 1998, when industry consolidation and adverse market conditions altered the industry landscape.
"Strong demand for ISRI programs and services has led to the largest one-year membership growth ever, adding 218 new members thus far in 2006," according to a press release from the association.
"ISRI’s professional staff provides services and expertise in a variety of areas that are important to companies in our industry without the need for additional company staff," ISRI Chair Frank Cozzi says. "Large and small members alike derive a great deal of benefit from the unique and innovative programs ISRI delivers," Cozzi adds.
Program to Cut Mercury Air Emissions
The U.S. Environmental Protection Agency (EPA) has announced a national program that it says will help cut mercury air emissions by up to 75 tons within the next 15 years.
The National Vehicle Mercury Switch Recovery Program is designed to remove mercury-containing light switches from scrap vehicles before the vehicles are flattened, shredded and melted to make new steel.
According to the EPA, together with existing state mercury switch recovery efforts, this program will significantly reduce mercury air emissions from the furnaces used in steel making, the fourth leading source in the United States after coal-fired utility boilers, industrial boilers and gold mining.
Under the program, automobile dismantlers will remove mercury-containing light switches from scrap vehicles prior to flattening the vehicles. According to the EPA, participating dismantlers will be able to market their material as reduced-mercury scrap, earning recognition and financial incentives.
More information on the National Vehicle Mercury Switch Recovery Program is at www.epa.gov/mercury/switch.htm.
CMC ACQUIRES CHEROKEE SUPPLY
Commercial Metals Co., based in Irving, Texas, has announced the acquisition of substantially all of the operating assets of Cherokee Supply, a company that specializes in highway and commercial construction-related products.
Cherokee Supply was established in 1998 and has facilities in Tulsa, Okla., and Little Rock, Ark. The stores will become part of CMC Construction Services, operating as CMC Cherokee.
CMC Construction Services, based in Houston, is part of CMC’s Domestic Fabrication segment and has 46 locations in 10 southern U.S. states. It offers a variety of products and services, including rebar fabrication; engineering services for tilt-up, forming and shoring; rentals; and a line of concrete-related construction materials.
Cherokee was previously owned by bothers Tom and Charlie Brown and their sister Kasey. Tom and Charlie continue to manage the businesses in Tulsa and Little Rock, respectively, while Kevin Ruesch assumes area management responsibilities.
CMC and its subsidiaries make, recycle and market steel and metal products, related services and materials in the United States and overseas.
METAL MANAGEMENT APPLIES TO LIST ON NYSE
Metal Management Inc., based in Chicago, has filed an application to list its securities on the New York Stock Exchange.
At press time, the company says it expects to start trading on the NYSE Oct. 5, 2006, under the symbol MM.
Metal Management has notified NASDAQ of its intention to be simultaneously de-listed from that stock market. Metal Management says trading of its common stock on NASDAQ is expected to cease at the close of the market on Oct. 4, 2006.
Explore the October 2006 Issue
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