Sims Metal to Acquire Non-Ferrous Scrap Metal Broker

SEATTLE (Scrap Monster): Global metal recycling major Sims Metal announced its decision to acquire all of the commercial and operating assets of Philadelphia, Pennsylvania-based Northeast Metal Traders (NEMT). The acquisition is expected to close in mid-April this year.

Founded in 1993 by the Goldberg and Greller families, NEMT is a non-ferrous scrap metal wholesaler and broker, which runs a single-scale site in Philadelphia. The company purchases and processes large volumes of all grades of nonferrous scrap metal and ships them to customers throughout the world. The processing volume of the company is estimated at around 60,000 tons of non-ferrous metal per annum.

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The acquisition is in line with the company's growth strategy to expand its non-ferrous business in North America. Furthermore, it is consistent with Sims Metal's purpose. Sims Metal intends to fund the acquisition by using recycling surplus or underperforming capital assets.

The announced acquisition will significantly boost the copper volumes in the North American metal business. It must be noted that NEMT is one of the largest copper recyclers in the U.S. In addition, it will further strengthen Sims Metal’s exposure to energy transition and decarbonisation.