The world's largest independent steel trader Stemcor has announced its acquisition of US-based Ferrosource, which is engaged in pig iron distribution and ferrous scrap brokerage to North American steelmakers and ironmakers.
As of July 1, 2008, Ferrosource is operating as a division of Stemcor US, with previous owner Stephen Miller continuing as managing director of the new division.
Commenting on the acquisition, Stemcor director Steve Graf said, "The acquisition reinforces Stemcor's strategy of developing our raw materials business and adding downstream distribution activities."