Smorgon Steel acquires US metal recycler
Australian Smorgon Steel Group Limited announced today that it acquired the operating assets of ITI Inc and Steelport of Florida Inc. (together, ITI). Commenting on the acquisition, Smorgon Steel's Managing Director and CEO, Ray Horsburgh, said “Our stated corporate strategy includes the expansion of our metal recycling business both within the Asia / Pacific region and into more mature markets. The ITI business meets our strategic criteria and represents our second major presence in metal recycling outside Australia.” He added “While acquisition of the ITI assets represents an important step towards achieving our strategic objectives, we continue to evaluate other metal recycling opportunities in targeted parts of the global market that fit our criteria.” ITI, which operates in the US, handles approximately 100,000 tons of ferrous scrap annually. The acquisition price has not been disclosed yet.