Youngstown operations acquired
Metalico, Inc. announced that it has completed the purchase
of the operating assets of Youngstown Iron & Metal
(YIM) and Atlas Recycling located principally in Youngstown,
The acquisition includes all inventory and equipment
and will include all real estate owned by affiliates
of the sellers and used in their businesses. The purchase
price was not disclosed.
YIM, over the last two years, averaged $50 million of
annual revenue and sold an annual average of 105,000
gross tons of scrap steel and approximately 15 million
pounds of non-ferrous products. The YIM operations complement
Metalico’s Akron, Ohio scrap operations. Metalico’s Pittsburgh
regional scrap operations are headquartered only 70 miles
east of the new facilities. YIM will draw on Metalico’s
extensive network of scrap suppliers and its capital
resources to greatly increase operating capacity and
utilization at the shredder and elsewhere in the operations.
YIM’s contribution to Metalico’s results is expected
to be accretive to earnings immediately.