11
Oct
20:56
Cleveland-Cliffs charges into scrap with $775m acquisition
US flat-rolled and iron ore producer Cleveland-Cliffs has entered the scrap market - in a big way - with its $775 million buy of Ferrous Processing and Trading Company (FPT), Kallanish learns from a company statement.
FPT represents about 15% of the domestic merchant prime scrap market spread over 22 facilities, Cleveland-Cliffs says. About 90% of the company’s revenues come from its Midwest locations in Ohio and Michigan.
“Cleveland-Cliff…
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Anonymous
Very good overview of the weekly steel market.
Anonymous