Ferrous scrap ripe for consolidation: Abrams
Jun 19, 2014 | 06:07 PM
| Sean Davidson
NEW YORK The ferrous scrap industry, plagued by structural problems and pricing volatility, could be ripe for consolidation, according to one industry executive.
Publicly held and mill-owned scrap companies, along with export trade, have been the key factors driving ferrous scrap price volatility in the United States, Ben Abrams, president of York, Pa.-based recycling company Consolidated Scrap Resources Inc., said.
The primary factor in ferrous scrap price volatility over the past five years has been the rise and fall of demand for U.S. scrap from overseas, Abrams told attendees at the Steel Success Strategies XXIX conference in New York, sponsored by AMM and World Steel Dynamics Inc., Englewood Cliffs, N.J.
Over the past several years, and especially since the beginning of 2014, scrap tonswhich were historically exportedhave instead made their way into the domestic market, he said.....
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