Brampton, Ontario, Canada-based Triple M Metal and Sault Ste. Marie, Ontario-based Algoma Steel Group Inc. say they have entered into a joint venture (JV) known as ATM Metals Inc. The JV has been designed to source prime ferrous scrap and other iron units to meet Algoma’s business needs, including in connection with its potential transformation to electric arc furnace (EAF) steelmaking.
“By combining the experience and expertise of Algoma and Triple M, we believe we can build a powerful supply chain solution to realize the iron unit needs of the business today and in the future,” says Algoma CEO Michael McQuade.
“Algoma and Triple M have a long history of working together, so this joint venture was a natural fit for both organizations,” comments Chris Galifi, chief operating officer of Giampaolo Group Inc., parent company of Triple M. “We are both engaged in the steel economy, including sourcing, processing, manufacturing and the recycling of metals.”
Algoma Steel says it has a current raw steel production capacity of up to 2.8 million tons at its Sault Ste. Marie basic oxygen furnace (BOF) integrated complex. When the company changed ownership in May, McQuade commented, “We continue to evaluate our strategic options, including the potential for a substantial investment in EAF steelmaking.”
Triple M Metal describes itself as one of North America’s largest privately owned recyclers and processors of scrap metal, with more than 40 locations in Canada, the United States and Mexico. Parent firm the Giampaolo Group Inc. also produces secondary aluminum under the name Matalco.