Fort Wayne, Ind.-based OmniSource, a subsidiary of Steel Dynamics, has acquired Recycle South, Lyman, Ind., for $500 million. Both parties’ board members unanimously approved the acquisition.
"This transaction significantly expands our recycled metals business platform created by the acquisition of OmniSource in October 2007,” said Keith Busse, CEO of Steel Dynamics, in a press release. “It demonstrates [our] strategic commitment to the continued expansion of ferrous and non-ferrous recycling, which is an important element of our overall growth plan. The additional capacity of the Recycle South operations brings our company's total annual ferrous scrap processing capacity to approximately seven million tons."
Last year, Recycle South generated revenues of $670 million by processing 1.4 million tons of ferrous scrap and 150 million pounds of non-ferrous scrap.