Economy
CMC Announces Acquisition of Advanced Steel Recovery
Written by Becca Moczygemba
September 18, 2022
Growth is on the horizon for Commercial Metals Company (CMC). The Irving, Texas-based metals provider and recycler announced its acquisition of Advanced Steel Recovery LLC (ASR) in a press release on Sept. 15.
In addition to supplying recycled ferrous metals, Rancho Cucamonga, Calif-.based ASR possesses processing and brokering capabilities with which they can procure material for both domestic and export marketplaces.
As part of CMC’s strategic expansion plans, the addition of ASR will aid in supporting the company’s operations in the western US.
“Our Arizona 2 micro mill remains on-track to startup in early calendar 2023, and with the commencement of operations will come the need for a secure, cost-effective supply of ferrous scrap. ASR’s capabilities will help ensure that both of CMC’s world class mills in Arizona will have continued reliable access to vital raw materials,” remarked Barbara Smith, chairman, president, and CEO of CMC.
CMC is a manufacturer, recycler, processor, and fabricator of steel and metal products. The company focuses on providing materials and services through various facilities that include seven electric arc furnace mini mills, two EAF micro mills, one rerolling mill, and warehousing in the US and Poland. ASR brings complementary sustainable capabilities through its FASTek machine, the first of its kind machine that was designed to completely automate the containerization of scrap metal.
By Becca Moczygemba, Becca@SteelMarketUpdate.com
Becca Moczygemba
Read more from Becca MoczygembaLatest in Economy
US sets Section 232 tariffs on trucks and buses
Medium- and heavy-duty trucks (MHDV) and buses imported to the US will start being charged Section 232 tariffs beginning Nov. 1.
AMU: Consumer auto delinquencies: Warning sign for consumer health?
The Consumer Federation of America estimates rising total auto debt at a staggering $1.66 trillion, along with increasing repossessions and a sharp increase in delinquencies.
Beige Book: Regional market growth remains mostly flat
Economic growth in some US regions in September was offset by challenges in others, causing the market to appear largely unchanged overall, according to the Federal Reserve’s latest Beige Book report.
ISM September survey captures deepening manufacturing gloom
The Institute for Supply Management’s (ISM) latest monthly report on manufacturing reflects a bleak view of American industry in September.
Key industries concerned over government shutdown’s impact on steel, manufacturing
Trade groups cautioned that a prolonged shutdown could strain US industry.