Commercial Metals Company (CMC) announced Tuesday that its wholly owned subsidiary, Owen Steel Company of South Carolina, has signed a definitive asset purchase agreement to acquire certain assets from OmniSource Corporation, a wholly owned subsidiary of Steel Dynamics, Inc., consisting of seven recycling facilities located in the southeast United States which are in close proximity to CMC's minimill in Cayce, South Carolina.
These facilities purchase, process and sell ferrous and non-ferrous scrap metal and other related products throughout the southeastern United States. The transaction is expected to close within 50 days and is subject to customary closing conditions.
"The signing of the asset purchase agreement for the acquisition of these facilities continues CMC's focus on supporting our mill operations with a reliable, low cost source of raw material. These locations will support our Cayce, South Carolina minimill and we expect to realize synergies with our existing operations in the region," commented Tracy Porter, Executive Vice President, CMC Operations.