Schnitzer Steel Industries has acquired Ponce Resources, a Puerto Rican company specialising in scrap metal recycling. Financial terms were not disclosed.
Don Hamaker, president of Schnitzer’s Metals Recycling Business, said, ‘We are pleased to enter the Puerto Rico recycling market with the premier operator in the Commonwealth. The government and people of Puerto Rico has demonstrated a commitment to metals recycling and we look forward to working together to expand these activities.’
Tamara Lundgren, Schnitzer’s president and CEO, added ‘This acquisition demonstrates our continued confidence in the positive long-term fundamentals supporting our Metals Recycling Business and the general public’s desire for and support of environmentally sustainable business activities, and is consistent with our strategic objective of acquiring companies with an established presence in their local markets. We will continue to seek opportunities to expand our metals recycling footprint, both in existing markets and in new areas that meet these strategic objectives.’
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