The world's number one steelmaker ArcelorMittal has announced the signing of an agreement to acquire Bakermet, a market leader in the scrap metal recycling industry in Eastern Ontario, Canada.
Bakermet, which is located near Ottawa and specializes in all types of ferrous and non-ferrous metals, processed approximately 145,000 mt of ferrous and around 20,000 mts of non-ferrous metals in 2007. ArcelorMittal said that the acquisition of the company will secure upstream self-sufficiency in shredded metal for ArcelorMittal's Contrecoeur mill (ArcelorMittal Montreal).
Commenting on the acquisition Jos Jacqué, CEO of ArcelorMittal Long Carbon North America, said that this acquisition will further strengthen the company's access to and ownership of key raw material supplies.