CMA Corp., an Australia-based scrap metal recycling firm, has been placed in voluntary administration after failing to make a $2 million interest payment to London-based steel trading firm Stemcor.
Following its entrance into administration, the company has appointed Philip Patrick Carter, Marcus William Ayres and Nicholas John Martin of Australia-based consulting firm PPB Advisory as voluntary administrators for CMA and its subsidiaries.
The decision to enter voluntary administration followed the company being unable to pay Stemcor, a CMA shareholder. According to an Australian Associated Press report, CMA has a market capitalization of A$1.4 million but “net debt of A$128.1 million” as of the end of 2012.
CMA operates a network of more than 15 recycling facilities in Australia and New Zealand and trading offices in Singapore and Chicago.
Latest from Recycling Today
- ReMA urges open intra-North American scrap trade
- Axium awarded by regional organization
- China to introduce steel export quotas
- Thyssenkrupp idles capacity in Europe
- Phoenix Technologies closes Ohio rPET facility
- EPA selects 2 governments in Pennsylvania to receive recycling, waste grants
- NWRA Florida Chapter announces 2025 Legislative Champion Awards
- Goldman Sachs Research: Copper prices to decline in 2026
