Steel Mills
Indiana's Metal Source Completes Buy of Bedford Recycling
June 30, 2023
Wabash, Ind.-based Metal Source has completed its acquisition of Bedford Recycling, which has locations in Bedford and Mitchell, Ind.
“We’re excited to integrate the Bedford recycling facility and Mitchell recycling facility into our current Metal Source business model,” Colin Denihan, Metal Source president and chief commercial officer of parent company Gebhart Holdings, told SMU in an interview.
Denihan declined to discuss the price or terms of the deal, which closed on June 14.
Metal Source is a privately held metals recycling company, with more than 10 locations and just over 400 employees.
The Bedford acquisition sees Metal Source acquiring its first auto shredder, Denihan said, and the company will continue to look into smaller market ferrous yards for scrap consolidation in the Midwest, “staying close to home.” He added that the company is also looking into vertical integration of its aluminum melting process.
Last year, Metal Source purchased Decatur Salvage in Decatur, Ind., and Secondary Metals in Peru, Ind.
Denihan said the personnel at Bedford Recycling will be kept on. “There are about 40 employees there, and they’ve all been retained and have job offers.”
Looking forward, Denihan is optimistic. With new steel capacity coming online in Q3 and Q4, he expects increased demand. “I think the market is going to strengthen in our outlook,” he said.
By Ethan Bernard, ethan@steelmarketupdate.com
Latest in Steel Mills
Op-Ed: Ternium CEO Máximo Vedoya wants a fair future forged in steel
After recently receiving an industry honor on behalf of Ternium, I had the opportunity to reflect and share my vision on the state and future of our industry.
Nippon eyeing new $4B U.S. Steel mill to sweeten deal: Report
Nippon Steel could build a new domestic U.S. Steel mill with a total investment of $4 billion.
Nucor cuts CSP by $20/ton, third straight drop
Nucor has lowered its consumer spot price by $20 per short ton, marking the third consecutive weekly decrease.
Nucor reports IT systems breach
Nucor said it temporarily and proactively halted some production operations at various locations.
Cliffs talks DOE funding, blast furnace relining schedule
The future of two projects supported in part by funding through the Department of Energy remains uncertain.