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Steel Dynamics Acquires Scrap Yards in Tennessee, Mississippi
08/15/2016 - Metals recycler Sims Metal Management Ltd. has divested certain scrap yards in the eastern United States, selling them to Steel Dynamics Inc. for an undisclosed amount, according to reports.
“The sale of our metals recycling operations in the central region represents a significant step in our initiatives to divest non-core assets and reallocate capital to our key markets,” said Sims chief executive Galdino Claro in a statement.
“The divestment, in line with our strategy, will allow management to focus on our core operations. We are confident that service will continue to be delivered with the best outcomes for our employees, suppliers and customers for years to come,” he said.
The company didn’t name the yards that were sold, but said they are principally in Tennessee and Mississippi.
“We believe these assets, located in Memphis, Tenn., and throughout Mississippi, are well-positioned to support our Columbus flat-rolled division, as we work toward greater raw material self-sufficiency in the region,” Russell Rinn, Steel Dynamics’ vice president of metals recycling, told American Metal Market.
“The divestment, in line with our strategy, will allow management to focus on our core operations. We are confident that service will continue to be delivered with the best outcomes for our employees, suppliers and customers for years to come,” he said.
The company didn’t name the yards that were sold, but said they are principally in Tennessee and Mississippi.
“We believe these assets, located in Memphis, Tenn., and throughout Mississippi, are well-positioned to support our Columbus flat-rolled division, as we work toward greater raw material self-sufficiency in the region,” Russell Rinn, Steel Dynamics’ vice president of metals recycling, told American Metal Market.
