Jeremy Sutcliffe, Sims Group Ltd.'s chief executive officer, announced the signing of an agreement between Chaparral Steel and Sims Group USA Corp.
Under the agreement, Sims Group will lease from Chaparral Steel its 6,000HP mega shredder located at Chaparral’s steel mill in Petersburg Va. While Sims Group will operate the shredder independently, it is anticipated that Chaparral will, under the terms of this arrangement, be a significant consumer of the shredded material produced.
“This agreement is attractive to both parties and, following Sims Group USA’s acquisition of the Bay Bridge Enterprises’ business in Norfolk Va., last month,” said Sutcliffe. “It is a further step in the enhancement of our US East Coast business,” he added.
The recent purchase of Bay Bridge gave Sims Group a deep water port on the U.S. East Coast.
According to Sutcliffe, with the shredder the East Coast operations will soon be able to match ferrous scrap volumes on the U.S. West Coast.
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