Loading prices...

Register/Sign in
ScrapMonster
Are ads getting in your way? Register for Ad-free pages and live data.
Get an instant offer on your damaged car
Metal Recycling News November 24, 2021 11:40:10 PM

Cleveland-Cliffs Completed Acquisition of Ferrous Processing and Trading Company

Paul Ploumis
ScrapMonster Author
It must be noted that the company had received the final regulatory clearances in connection with the transaction by mid-November.
Cleveland-Cliffs Completed Acquisition of Ferrous Processing and Trading Company

SEATTLE (Scrap Monster): Cleveland-Cliffs, Inc.- the largest producer of flat-rolled steel in entire North America announced that it has successfully completed the previously announced acquisition of Ferrous Processing and Trading (FPT) Company along with certain related entities. With this, FTP has now become a wholly-owned subsidiary of Cleveland-Cliffs Inc.

While presenting the third quarter results of the company in end-October, the company had announced that it expects to close the acquisition transaction before the end of the current quarter. It must be noted that the company had received the final regulatory clearances in connection with the transaction by mid-November.

ALSO READ:

Cleveland-Cliffs Declared Changes to Top Executive Management

Cleveland-Cliffs Hosted Ribbon Cutting at Toledo Facility

With the closing of the acquisition deal, the company is now focussed on amplifying the value of scrap, which the company believes to be the next precious metal, said Lourenco Goncalves, Chairman, President and CEO, Cleveland-Cliffs. The company has already initiated talks with its steel customers to increase its scrap offtake from them. The company is excited to expand the footprints of FTP in future, he added.

FPT processes approximately 3 million tonnes of scrap per year, out of which almost half accounts for prime grade scrap.

Are ads getting in your way? Register for Ad-free pages and live data.

How to Recycle

Proper Disposal of Alkaline Batteries

Proper Disposal of Alkaline Batteries

Improper disposal of alkaline batteries can result in various negative consequences. Explore our blog post to discover safe disposal methods.
Christmas Tree Recycling - Responsible Ways

Christmas Tree Recycling - Responsible Ways

Proper preparation and using a reliable Christmas tree recycling directory ensures responsible disposal and maximizes the benefits.
Stop Throwing Away LED Light Bulbs -- Do This Instead

Stop Throwing Away LED Light Bulbs -- Do This Instead

Stop throwing away LED light bulbs and dispose of them responsibly. Proper disposal ensures environmental safety and sustainability.
powered by RecyclingMonster
Are ads getting in your way? Register for Ad-free pages and live data.
×

Quick Search

Advanced Search