Sims Metal Management (SMM) has announced sale of some of its scrap recycling operations in the US Central region to Steel Dynamics, Inc (SDI). The sale is related to select SMM metal recycling facilities located in Tennessee and Mississippi. The company press release further states that the sale is effective August 12th.
According to SMM official website, the company has only one scrap recycling facility in Tennessee, which is located in Memphis. The company has five facilities in Mississippi located in Bryam, Elliott, Greenville, Greenwood and Sherman. The Memphis, Tennessee and Greenville, Mississippi facilities also have attached auto shredding facilities.
Galdino Claro, SMM’s group CEO stated that the sale of scrap recycling facilities in the Central North American region is part of the company’s strategy to divest non-core assets and reallocate the capital to core business operations. He noted that the above divestment will help the management to focus on its core operations. He expressed confidence that SDI will continue to deliver best services to its and suppliers customers in the region for years to come. He also thanked the employees at these facilities for their hardwork throughout these years and hoped that they will continue to enjoy similar work environment under the new owner.
Meantime, Russell Rinn, executive vice president of Metals Recycling for SDI welcomed all 90 employees to the SDI family. He noted that the new acquired facilities would help SDI to make a big step forward in achieving greater raw-material self-sufficiency in the region. The geographical location of acquired assets in Tennessee and Mississippi looks ideal to support the operations at SDI’s Columbus Flat Roll Division, Rinn added.
To read the full story, visit http://www.scrapmonster.com/news/sims-metal-management-announces-sale-of-select-us-scrap-recycling-facilities/1/63490.