The company said in a statement that Advanced Steel Recovery (ASR) annually handles approximately 300,000 tons of ferrous scrap across its processing, industrial collection, and brokerage platforms.

"The acquisition of Advanced Steel Recovery is a key strategic step to support CMC's growth in the western United States," said CMC board chairman and chief executive Barbara Smith. 

"Our Arizona 2 micro-mill remains on-track to start up in early calendar 2023, and with the commencement of operations will come the need for a secure, cost-effective supply of ferrous scrap. ASR's capabilities will help ensure that both of CMC's world-class mills in Arizona will have continued reliable access to vital raw materials."