Search
Email a friend
  • To include more than one recipient, please separate each email address with a semi-colon ';', to a maximum of 5

  • By submitting this article to a friend we reserve the right to contact them regarding AMM subscriptions. Please ensure you have their consent before giving us their details.


Feds raid 2d recycler; more said on the way

Aug 23, 2013 | 11:51 AM | Lisa Gordon

Tags  recycler, Serlin Iron & Metal, Acme Refining, federal raid, Internal Revenue Service, criminal investigation, Lisa Gordon


PITTSBURGH — A second Chicago metal recycler has been raided by federal authorities in what some sources say is just the tip of the iceberg. Serlin Iron & Metal Co. was the target Aug. 22 in an ongoing investigation, a spokesman for the U.S. Attorney’s Office in Chicago told AMM. "We don’t have any additional comment or public information at this time," he said.

The metal recycler, which according to its website has more than 50 years’ experience in the business and handles industrial scrap, had no comment.

The raid followed a similar one at Acme Refining Co.’s Chicago headquarters a day earlier (amm.com, Aug. 21). "We have no comment, but will cooperate with authorities," an Acme spokesman told AMM.

The Internal Revenue Service Criminal Investigation division confirmed that it was on site at both raids.

Sources indicate that 20 metal recycling facilities and perhaps as many as 100 industrial scrap suppliers are being scrutinized as part of a sweeping criminal investigation.




Latest Pricing Trends Year Over Year

Poll

After witnessing the pace of steel plant idlings and worker layoffs during the first half of the year, what is your view of the second half of 2015? (choose one)

No matter what else happens, layoffs and shutdowns, etc., have nearly or essentially stopped for the year.
The environment will change little and the pace of layoffs will continue at a similar rate as the first half of 2015.
The environment will change little yet the pace of layoffs will begin to slow slightly to moderately.
The environment will change little yet the pace of layoffs could exceed the rate seen thus far.
The environment will improve slightly to moderately yet hiring and plant restarts will not resume this year.
The environment will improve slightly to moderately, with hiring and plant restarts commencing.
The environment will improve dramatically yet hiring and plant restarts will still be negligible in comparison.
The environment will improve dramatically yet hiring and plant restarts will only be slight to moderate.
The environment will improve dramatically, with hiring and plant restarts occurring nearly in tandem.


View previous results