Smorgon Steel to acquire US scrap dealer

Australian metals recycler and long product manufacturer and distributor Smorgon Steel has announced that it will acquire the assets of Industrial Metal Recycling (IMR), which operates four ferrous scrap recycling locations in Maine. IMR currently handles approximately 100,000 metric tons of ferrous scrap per year. "Around 75 percent of IMR's business is based on the peddler trade," said Smorgon Steel Recycling CEO Shane Grice, "and this, combined with Maine's geographical location, provides us with a sound business base in the northeast." He added, "We see opportunities for further expansion, both in the USA and Canada." The acquisition is expected to be completed in early 2007.