Cleveland-Cliffs Inc. said Monday it is entering the scrap metallic concern with the acquisition of Ferrous Processing and Trading Company (FPT) successful a woody with an endeavor worth of astir $775 million. The Detroit-based FPT accounts for astir 15% of the premier ferrous scrap marketplace successful the U.S., making it 1 of the biggest processors and distributors of the metal. The institution processes astir 3 cardinal tons of scrap metallic per year, astir fractional of which is premier grade, said Cleveland-Cliffs. The institution operates 22 scrap facilities and astir 90% of gross travel from its Midwest locations, chiefly successful Michigan and Ohio....
Published: Oct. 11, 2021 astatine 6:12 a.m. ET
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