FPT buys Sims yards in Michigan and Ohio

Detroit-based Ferrous Processing and Trading Co. (FPT) has announced its purchase of two scrap recycling operations formerly owned by Sims Metal Management. FPT has acquired Sims Metal Management Detroit, located on Lonyo Avenue in that city, and Sims Metal Management Toledo, located on Hill Avenue in Toledo, Ohio.

“Our purchase of these assets reflects our commitment to continued business growth in the Midwest Region,” says Howard Sherman, CEO of FPT. “We are excited about these acquisitions and are happy to welcome our new employees in Detroit and Toledo to the Ferrous Processing and Trading team.”

The Sims Metal Management website describes the Detroit facility as having baling, shearing and torch-cutting processing capabilities while also offering truck loading, container loading, overseas container loading and rail car loading abilities.

The Toledo location is described as offering shearing and truck loading services with a concentration on industrial, obsolete and demolition scrap processing.

The sale marks the second recent selloff of United States assets by Sims Metal Management, which maintains executive offices in New York and Sydney. In mid-August 2016, Sims sold six facilities in Mississippi and Tennessee to the OmniSource Corp. subsidiary of Fort Wayne, Indiana-based steelmaker Steel Dynamics Inc. (SDI).

FPT is a privately held company that buys, processes and sells ferrous and nonferrous scrap metal. In addition to its Detroit locations, FPT operates scrap recycling facilities in the U.S. regions of Cleveland; Nashville, Tennessee; and southeastern Florida, as well as in Windsor, Ontario.