Upstate Shredding-Weitsman Recycling reports 36th straight quarter of profits

ALBANY (Scrap Monster): Amidst all challenges faced by the scrap industry, Owego, NY-based Upstate Shredding- Weitsman Recycling has reported operating profits during the first quarter of the year. This is the 36^th consecutive quarter of profitability for the company. This is considered as a remarkable achievement by the company, especially when scrap market is passing through one of the most difficult phases with scrap prices at eight-year lows.

The company has been expanding at a rapid pace, acquiring various scrap businesses in the region. It has also made huge investments towards modernization of its yards with the aim of minimizing environmental effects. In order to handle huge scrap supply in the region, the company had recently purchased three material handlers, consisting of two Liebherr LH50 50 ton (45 t) at left and right and Liebherr LH60 high-rise material handler at center. The material handlers along with upgraded motor have helped to increase the shredder’s capacity to over 400 tons of scrap per hour.

Upstate Shredding targets to process approximately 1.05 million tons of ferrous scrap and 275 million pounds of non-ferrous scrap in 2015.

Initially, started as a local company in 1996, Upstate Shredding now has a regional network of scrap yards. It currently operates from 18 locations and is the largest privately held scrap metal processor in the East Coast. The company buys scrap metal from public and recycles them into component metals which are then sold to domestic mills and exported overseas.