FPT represents about 15% of the domestic merchant prime scrap market and the company processes 3 million tons of scrap per year over its 22 scrap processing facilities.
 
“Cleveland-Cliffs is entering the scrap business as a major player through the acquisition of a large scrap company. Even more importantly, FPT has a very meaningful presence in prime scrap,” said Lourenco Goncalves, Cleveland-Cliffs chairman, president and chief executive.
 
“With all the new flat-rolled EAF capacity coming on-line in our market over the next four years, prime scrap will only become more and more scarce. As the largest supplier of flat-rolled steel in North America, Cleveland-Cliffs is the main source of the steel that generates prime scrap in manufacturing facilities. Furthermore, throughout our entire footprint, Cleveland-Cliffs also consumes a very significant amount of scrap in our EAFs and BOFs.”
 
Goncalves said the acquisition of FPT will enhance Cleveland-Cliffs’ ability to buy prime scrap back directly from its clients.
 
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