BlueScope Steel Completed Acquisition of Ferrous Recycling Business from MetalX

SEATTLE (Scrap Monster): Australia-headquartered leading steelmaker BlueScope Steel announced that it has finalized acquisition of ferrous recycling business from Indiana-based MetalX. The company is currently a supplier of scrap metal to North Star BlueScope Steel minimill in Delta, Ohio. It must be noted that the acquisition deal was announced in early-November this year.

According to company press release, the deal was completed on Friday, 17 December, 2021, in accordance with the terms entered into during the time of announcement of the deal. The newly acquired business will operate under the name ‘BlueScope Recycling and Materials’, it noted.

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The $240 million worth deal will add Delta and Waterloo sites of MetalX into BlueScope’s portfolio. The acquired facilities are immediately adjacent to BlueScope’s North Star facility. The added facilities will boost its Ohio electric arc furnace steel minimill’s access to improved quality and quantity of obsolete scrap. In addition to reducing its prime scrap mix, the acquisition will significantly enhance BlueScope’s sustainability profile.

By offloading the ferrous business, MetalX will focus on its growth strategy as a nonferrous company.