Metal Management Completes Acquisition of OmniSource Facility

Chicago-based Metal Management Inc. has announced the acquisition of a recycling facility in East Chicago, Ind., from OmniSource Corp. The financial details of the transaction were not disclosed.

Under the terms of the agreement, Metal Management has acquired the property, buildings and equipment of OmniSource's East Chicago facility, including a 29-acre yard, an automobile shredder, two balers and a shear. The facility handles approximately 430,000 tons of ferrous scrap metal and approximately 10 million pounds of nonferrous scrap metal per year.

Metal Management has a prominent presence in the greater Chicago area, and with this addition the company now operates 15 processing facilities in that market. Metal Management says it expects the transaction to be immediately accretive to its earnings per share.

Metal Management is one of the largest full service metal recyclers in the United States, with approximately 50 recycling facilities in 16 states.