Brookfield Resource Management, based in Elmsford, N.Y., has announced that it has established a scrap metal plant in India’s Punjab state.
Brookfield’s operations in India are the result of a joint venture between Brookfield and the Indian company Overseas Metals Inc. and will operate as a separate company known as Brookfield India Pvt. Ltd.
“Establishing a facility in India is an important component in our long-term corporate strategy,” says Tom Malone, president of Brookfield Resource Management. “In the near term, it provides the ability to sell directly into the Indian steel market, and over the long term acts as an important stepping stone to achieving vertical integration within the international steel industry.”
Brookfield India Pvt. Ltd. receives, sorts and sells ferrous scrap material imported from Brookfield’s U.S. facilities. The processed metal is sold to regional steel mills in northwestern India.
In addition to importing its own scrap, Brookfield expects to begin sourcing material from other U.S. scrap processors.
Brookfield also has announced plans to open a foundry and rolling mill in India during the fourth quarter of 2011.
“India’s economy will continue to grow at around 8.5 percent a year, the political climate is favorable for investment and the country is a large consumer of scrap metal, all of which makes this a tremendous opportunity for Brookfield,” Malone says. “More than anything else, this facility is an important element in Brookfield’s growth plans because it establishes a profitable distribution channel for our scrap metal and provides the ability to leverage the significant opportunities that emerging economies such as India represent.”
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