Ameristeel buying Metro Recycling [UPDATE]

Oct 27, 2008 | 11:50 AM | Paul Schaffer

Joining the trend of steelmakers acquiring scrap companies, Gerdau Ameristeel Corp., Tampa, Fla., has bought Guelph, Ontario-based Metro Recycling Inc.

Gerdau Ameristeel, whose steel mills have been getting 40 percent of their scrap from 19 captive processing yards, didn't disclose the terms of the transaction, which adds Metro Recycling's three Canadian scrapyards—two in Guelph and another in Mississauga, Ontario—to its operations.

Mario Longhi, the steelmaker's president and chief executive officer, gave the figure of 40 percent of scrap from captive sources in a conference call with investment analysts in August. The availability of scrap from Gerdau Ameristeel's own yards puts a damper on price volatility, he noted.....

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