Metal Management thinking consolidation

Nov 01, 2004 | 11:38 AM |

Chicago-based Metal Management Inc., having quadrupled quarterly net income and cut debt to 5 percent of total capital, said it is ready to take part in the next wave of consolidation in the U.S. scrap industry.

"If you look at the remarkable amount of consolidation that has taken place (in steelmaking), it probably makes sense that there will be a consolidation in the raw materials space over time," said Daniel W. Dienst, chairman, chief executive officer and president. "There will be a global game of chess that plays out in scrap here in the next few years, and we'll just have to see how that gets played."....

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