Irving-based manufacturer Commercial Metals Company (NYSE: CMC) has acquired California-based Advanced Steel Recovery, LLC, the company announced in a news release.
The acquisition is part of the metal and steel company’s expansion strategy into the western U.S. market.
“Our Arizona 2 micro mill remains on track to start up in early 2023. With the commencement of operations will come the need for a secure, cost-effective supply of ferrous scrap,” Barbara Smith, president and CEO of CMC, said in the release.
According to the release, Advanced Steel Recovery handles approximately 300,000 tons of scraps annually across its processing, industrial collection and brokerage platforms.
“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,” Smith said in the release.
Commercial Metals Company was founded in 1915. The company manufactures, recycles and fabricates steel and metal products.
In April, CMC announced that it had acquired Tensar Corporation from Castle Harlan, a New York-based private equity firm, for $550 million, subject to customary purchase price adjustments, according to a news release.
Tensar provides ground stabilization and soil reinforcement solutions in 80 national markets through its two product lines: Tensar georgics and Geopier foundation systems.
Read the full story at Dallas Business Journal.