Stemcor acquires US pig iron and scrap distributor Ferrosource
Stemcor, the world’s largest independent steel trader, today announced that it has purchased the assets and business of Ferrosource in the USA. Ferrosource is engaged in pig iron distribution and ferrous scrap brokerage to North American steelmakers and ironmakers.
Effective July 1 2008, the business will operate as a division of Stemcor USA and the previous owner, Stephen Miller, will continue as Managing Director of the new division.
Commenting on the acquisition Steve Graf, Director of Stemcor USA, said: “We are very pleased that Ferrosource, a company we have worked closely with over the past three years, has officially joined forces with Stemcor. The acquisition reinforces Stemcor’s strategy of developing our raw materials business and adding downstream distribution activities.”
Ferrosource, founded in 1994, has its headquarters in Tequesta, FL and has district offices in Cleveland, OH, Battle Creek, MI and Chicago, IL. Ferrosource also has representation in other key steelmaking regions throughout the US.