Schnitzer Steel Acquires Eight Scrap Yards, Restarts Cascade Steel Meltshop
In an announcement Tuesday, the company said repairs are substantially complete — several weeks ahead of schedule.
“Cascade has resumed operations with a full workforce … and is accepting orders for its full range of finished steel products based on the rolling schedule,” the company said.
No injuries were reported from the 21 May fire, which damaged melting equipment. Although melting operations were suspended, the company continued to sell finished steel made from billets produced before the fire.
Cascade Steel owner Schnitzer Steel also announced Tuesday that it has signed a deal to acquire ferrous and non-ferrous scrapper Columbus Recycling, which has eight facilities throughout the southeastern U.S. The transaction is expected to close during the first quarter of Schnitzer’s 2022 fiscal year.
In the past 12 months ending May 2021, Columbus has delivered annual sales volumes of approximately 300,000 ferrous tons, Schnitzer said.
Schnitzer Steel chairman and chief executive Tamara Lundgren said the acquisition is in keeping with an effort to grow its scrap business, given the anticipated demand growth that’s expected to come as steel producers transition to low-carbon technologies.
“The acquisition of Columbus Recycling will expand our platform and offerings in a robust regional market with immediate scale and meaningful synergies,” she said.
“While a variety of solutions will be required as industries, communities and governments actively pursue carbon reduction, the increased use of recycled metals is one path that is immediately achievable,” she added.