Kinder Morgan Energy Partners LP (KMP) has informed SteelOrbis that it has recently purchased the Cincinnati steel terminal assets of Noramco.
The terminal, located on approximately 17 acres on the Ohio River, primarily handles and stores break-bulk steel. In 2007, the facility handled approximately 150,000 nt of steel products.
"This strategically located terminal will provide our customers further access to our growing national network of marine and rail terminals," said KMP Terminals President Jeff Armstrong. The acquisition is expected to be immediately accretive to distributable cash flow at KMP.
KMP is a leading pipeline transportation and energy storage company in North America. It owns an interest in or operates more than 25,000 miles of pipelines, which transport natural gas, gasoline, crude oil and other products, and 165 terminals, which store petroleum products and chemicals and handle bulk materials like coal and petroleum coke.