The Fe Xchange Group LLC subsidiary of Burnham, Illinois-based Scrap Metal Services LLC (SMS) has entered into a partnership agreement with ferrous scrap trading firm Freeboard Holding LLC. The new 50/50 partnership will be known as FE Trading Group LLC (FTG) and will begin operating May 1, 2017.
FTG will be headed by Freeboard’s Robert Kelman as CEO. Nanci Schuld, president of Fe Xchange Group, has been appointed president of FTG and will “head up the trading team,” according to an SMS press release.
Kelman has more than 30 years of experience in the metal recycling and trading sector. He is the former president of Sims Metal Management North America and former managing director of Sims’ European scrap business. Engaged primarily in the brokerage and trading of ferrous scrap, FTG has announced the signing of an exclusive supply agreement with SMS to trade its ferrous scrap directly to North American steelmakers.
“Our new trading venture will give FTG the ability to provide superior service to both scrap metal producers and consumers,” says Kelman. “I am looking forward to building upon this great platform.”
“We are excited about our agency agreement with FTG,” says Jeffry Gertler, CEO of SMS. “Bob and Nanci bring great depth that will enhance our ability to focus on our core business.”