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Millett
FORT WAYNE — Steel Dynamics announced on Tuesday it had completed its acquisition of ROCA ACERO S.A. de C.V., a ferrous and nonferrous scrap metals recycling business in Monterrey, Mexico.
The acquisition is part of the company’s North American raw materials procurement strategy.
A release from Steel Dynamics said the transaction was funded with available cash.
ROCA is comprised of five scrap processing facilities strategically positioned near high-volume industrial scrap sources located throughout central and northern Mexico. ROCA currently ships approximately 575,000 gross tons of scrap annually and has an estimated annual processing capability of approximately 850,000 gross tons.
When combined with the company’s existing Mexican metals recycling business, the total estimated annual ferrous and nonferrous processing capability within Mexico will be over 2.5 million.
“We sincerely welcome the ROCA team into the Steel Dynamics and OmniSource Mexico families to further solidify our growth strategy,” said Mark D. Millett, chairman, president and chief executive officer of Steel Dynamics.
“Combined with our existing metals recycling facilities in Mexico, the addition of ROCA significantly strengthens our ferrous and nonferrous raw material procurement strategy in the region. We believe our Mexican metals recycling facilities will provide a meaningful advantage to our electric-arc-furnace steel operations and planned aluminum flat rolled products operations, while also providing a high-quality, customer-centric option for our customers in Mexico and the United States.
“We are very excited to welcome and learn from the entire ROCA team,” he added.
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