Alter, Rochester Iron acquire Loeb-Lorman assets

The assets of 100-year-old Wisconsin scrap company Loeb-Lorman Metals Inc. have been acquired from a bankruptcy court receiver by Alter Trading Corp., St. Louis, and Rochester Iron & Metal, Rochester, Indiana. The sale reportedly closed on Sept. 17, 2015.

Although the assets have been acquired, the three Loeb-Lorman locations in Wisconsin have reportedly ceased operating, according to an article on the website of Wisconsin newspaper the Daily Jefferson County Union.

According to the news report, the majority of the assets were acquired by Alter Trading, although Rochester Iron & Metal purchased “some inventory, machinery, equipment, vehicles and containers from Loeb-Lorman’s Argo, Indiana, facility for $550,000.”

The larger portion acquired by Alter for an undisclosed amount includes equipment and inventory at Loeb-Lorman’s three locations in Watertown, Fort Atkinson and Reedsburg, Wisconsin.

Loeb-Lorman filed for bankruptcy protection in July 2015. The company’s long-time family owners had reportedly hoped for a sale that would keep the facilities open, but employees found out on Sept. 18 that Alter’s plans, at least in the short term, involved closing the three Wisconsin locations, according to the Daily Jefferson County Union.