Gold Mountain Recycling Inc., Los Angeles, has announced that it plans to acquire Steel & Resources Co. Ltd. in South Korea for nearly $30 million in stock.

Through the agreement, Gold Mountain Recycling will acquire Steel & Resources’ metal processing plants, inventory assets, the real estate properties and related assets of its scrap metal recycling facilities in Asan, Dangjin Port and Incheon Port and the established and trusted exportations to areas worldwide.

Gold Mountain says Steel & Resources Co. Ltd. is the only listed company in the scrap industry in South Korea showing sustainable growth of scrap sales, exporting worldwide, including to Southeast Asia and India. India is the company's largest exporting destination and also is the fourth largest metal importing country in the world, the company says.

Through the company’s Dangjin Port yard, it can transport 20,000 tons to 30,000 tons per load more efficiently and cost effectively than if it used overland transport, Gold Mountain says.

The acquisition of Steel & Resources Co. Ltd. aligns with Gold Mountain Recycling’s strategy to expand its global presence through existing channels. With this acquisition, Gold Mountain Recycling says it will grow its value-added businesses and further strengthen its role in the ferrous and nonferrous scrap industry. Gold Mountain Recycling says it will expand Steel & Resources Co. Ltd.'s variety of scrap metal offerings and add advanced technologies and materials. 

Laslavic

Fuchs, Louisville, Kentucky, has hired Anthony Laslavic as a regional sales manager (RSM) and national accounts manager for Fuchs material handlers. In his new position, Laslavic will work closely with customers and the entire Fuchs sales team to strengthen distribution of the material handler line throughout North America, particularly at the national account level, according to the company.

"Anthony brings a wealth of industry and national account development experience to Fuchs in North America," says Ron de Vries, managing director for the Fuchs business globally. "He has incredible drive and has been a top sales performer at previous companies. He has the practical knowledge to provide customers with the right material handling equipment solutions for specific applications.”

Prior to joining Fuchs, Laslavic handled distributor and national account development for Sennebogen, where he was responsible for introducing the material handler line to the North American market. He also worked in the management development program with Konecranes, where he began as a technician in the field and worked his way up to managing the lifting equipment manufacturer’s northeast branch.

“I look forward to working with Fuchs distributors and customers to bring the full portfolio of Fuchs material handlers to the market,” Laslavic says. “From standard machines to electric models to customized machines configured to meet specific customer needs, the Fuchs product line offers an efficient material handling solution for virtually any application,” he adds.

Laslavic will work with national account customers and Fuchs distributors from a field office in Pittsburgh. He can be reached directly at 412-444-7500 or via email at Anthony.Laslavic@terex.com. 

A Chinese government minister has reportedly stated at a press conference that China may need to eliminate as many as 500,000 jobs in the steel sector to bring that industry in line with its needed production capacity.

A Reuters article on Monday, Feb. 29, 2016, says Yin Weimin of China’s Ministry for Human Resources and Social Security disclosed at a press conference that the central government has determined that some 1.3 million coal sector workers and 500,000 steel industry employees may need to be laid off, largely at state-owned enterprises (SOEs).

The Chinese press, which largely reports within suggested government parameters, recently has been quoting government ministers who acknowledge that “zombie mills,” operated largely by SOEs, are to blame for an overcapacity problem in the Chinese steel sector that has angered steelmakers in other parts of the world.

The Reuters report quoting Yin may be the first where a government employee has attached an employment figure to the problem. Yin also reported said that reaching settlements with the 1.8 million workers in the two sectors “will be very difficult.”

Some coal industry layoffs have been announced in the previous nine months, including a reported 100,000 job cuts by Heilongjiang Longmay Mining Holding Group Co., an SOE based in northern China in late 2015. No such mass cuts have yet been announced in the steel sector.
 

When the recycling industry faces down markets, value is more important than ever, according to the Institute of Scrap Recycling Industries (ISRI), Washington. That is why the association says it is working to bring value to attendees through programs that can help companies steer through these times. The general sessions at the ISRI 2016 Convention and Exposition (ISRI2016) do just that by focusing on current economic conditions and how they factor into scrap recycling operations, the association says.

“ISRI2016 is designed to provide take-home value to everyone who attends,” says Chuck Carr, ISRI vice president of meetings, education and training. “We are in one of the most complex and uncertain economic times in the industry’s history. Up-to-date information on world economics, market conditions and operational technology is vital to navigating through these times. ISRI2016 provides the best opportunities in the industry this year—a means for the smartest in the industry to stay ahead of the competition,” he adds.

ISRI2016’s closing session will feature Dr. Vikram Mansharamani, author of the best-selling book, BOOMBUSTOLOGY: Spotting Financial Bubbles Before They Burst, and a professor at Yale University and the MIT Sloan School of Management. His presentation focuses on theories about the causes of economic bubbles, how to better predict busts and how to avoid them in the future. Mansharamani also looks at what will lead to a turn in global demand for raw materials, what countries are likely to lead it and what is likely to be the cause and timing of these events. His session is scheduled for Thursday, April 7.

The conference will open its education sessions April 5 with another session that features a panel of top economic and commodity investing experts. More details will be released shortly. Bookmarked by those sessions are more than 60 workshops and spotlights, each geared to help recyclers improve efficiency, reduce costs and/or learn more about global markets, ISRI says.

Details of the educational programs, registration and hotel information is available at www.ISRIConvention.org.