NEW YORK TMS
International Corp., the parent company of Tube City IMS Corp.,
has expanded its trading operations with the opening of new
offices in Miami; Austin, Texas; and Belo Horizonte,
The expansionaimed at better serving domestic and
international customersmarks TMS first formal
trading presence in both Brazil and Florida, according to J.
David Aronson, president and chief operating officer of the
companys raw material and optimization group, calling the
"The opening of the office in
Brazil is a key step in TMS Internationals increasing
globalization. We look forward to better serving Brazils
rapidly increasing demand for raw material and steel mill
services," Aronson said in a statement.
The Brazilian office will be led
by Carlos Crego, general manager of the raw material and
optimization group in Brazil, who will be charged with trading
and expanding the companys operations in the Latin
American nation. The Miami office, which will support TMS
Latin American offices, will be overseen by Hideto Hata,
director of outsource purchasing and sales for Central and
South America, while the Austin office will be led by trader
Rick Groenert, TMS said.
"The Texas office is integral to
the companys initiatives to expand its market in the
Southwest U.S.," Aronson said.
The expansion plan follows a
stronger quarter for the Pittsburgh-based scrap broker and mill
services provider, with TMS reporting second-quarter net income
of nearly $9.8 million, more than double the $4.5 million
logged in the year-ago quarter and well above the $411,000 gain
attributable to common stockholders logged in the first
Sales were largely flat at
$669.4 million vs. $670.8 million in the year-ago quarter,
although they were down from $747 million in the first three
months of the year.
"TMS International produced
solid second-quarter results, driven in large part by our
successful new contract start-ups. We are also pleased that the
risk-minimizing features of our business model enabled us to
avoid material inventory write-downs despite significant
declines in commodity pricing, which occurred during the
quarter," chairman, president and chief executive officer
Joseph Curtin said in a statement.
TMS continues to target a rise in adjusted earnings before
interest, taxes, depreciation and amortization of 6 to 10
percent this year.