Australian steelmaker OneSteel Limited (OneSteel) announced on March 22 that its subsidiary OneSteel Recycling has signed an agreement for the purchase of domestic scrap metal recycler Metals Trading.
Metals Trading has scrap yards in New South Wales and Victoria and is a supplier to OneSteel Recycling. The company collects approximately 120,000 mt of ferrous scrap and 30,000 mt of non-ferrous scrap per annum.
Commenting on the acquisition, OneSteel's managing director and chief executive officer Geoff Plummer said, "Metals Trading is a good strategic fit for our recycling business because of the location of its sites as well as the increased confidence it provides us over the sourcing of supply of scrap metal."
The acquisition is subject to clearance from the Australian Competition and Consumer Commission.