Philip Services Plans to Sell Canadian Ferrous Operations

Philip Services Corp. announced it is pursuing the sale of its Canadian ferrous operations. The proceeds from the sale of assets will be used to pay down existing indebtedness.

"PSC's Canadian ferrous operations are profitable operations with highly skilled and experienced employees," said Anthony Fernandes, Chairman and CEO.

"While they have strong processing capabilities and are well situated to service the Canadian steel and automotive industries, they are not part of PSC's long-term growth strategy. The sale of these businesses is consistent with our plan to pay down our debt and focus our resources on building our industrial outsourcing and by-products services businesses. The company expects to realize good value from the sale of these businesses."

A majority of PSC’s Canadian operations are in Hamilton, Ontario. The Canadian operations provide ferrous and non-ferrous processing, steel coil and secondary pipe processing, warehousing and distribution services.