South Korea-based Steel & Resources Co. has announced that it has signed a definitive acquisition contract pursuant to which the company will be acquired by Los Angeles-based Gold Mountain Recycling Inc. in a stock-for-stock transaction valued at approximately $30 million.
Through this agreement, Gold Mountain Recycling, Inc. will acquire Steel & Resources Co., Ltd.'s metal processing plants, inventory assets, the real estate properties related assets for scrap metal recycling facilities located in Asan, Dangjin port, and Incheon port and the established and trusted exportations to areas worldwide.
Steel & Resources Co.’s exports reach Southeast Asia and India.
Steel & Resources Co., Ltd. transports by sea. Through the bulk shipment in Dangjin port yard it loads and transports 20,000 tons to 30,000 tons per load.
The acquisition of Steel & Resources Co., Ltd aligns with Gold Mountain Recycling Inc.'s strategy to expand their global presence through existing channels with an established and trusted brand. With this new acquisition opportunity, Gold Mountain Recycling, Inc. will grow its value-added businesses and further strengthen its role in ferrous and non-ferrous scraps industry.
Gold Mountain Recycling Inc. will expand Steel & Resources Co., Ltd.'s variety of metal scrap offerings and add advanced technologies and materials, increasing the company's position as a leading industrial innovator.