CMC Announced Acquisition of Recycled Ferrous Metal Supplier

SEATTLE (Scrap Monster): Irving, Texas-headquartered Commercial Metals Company (CMC) announced that it has acquired South California-based Advanced Steel Recovery, LLC (ASR) - a leading supplier of recycled ferrous metals. The acquisition is part of the company’s strategic expansion plans in the Western U.S. region.

According to company press release, ASR is renowned for its processing and brokering capabilities. The company efficiently sources material for sale into both the domestic and export markets. Through its processing, industrial collection, and brokerage platforms, ASR handles approximately 300,000 tons of scrap every year.

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Commenting on the acquisition, Barbara Smith, Chairman of the Board, President, and Chief Executive Officer, CMC noted that it is a key strategic step to support the company’s growth in the Western United States. The company expects startup of its Arizona 2 micro mill in early-2023. The commencement of the mill operations will generate huge requirement for secure, cost-effective supply of ferrous scrap. ASR’s capabilities will help CMC’s both Arizona mills to have continued reliable access to vital raw materials, Smith added.

Meantime, CMC is due to release its fourth quarter earnings on Thursday, October 13, 2022, at 11:00 a.m. Eastern Time.