MetalX, a scrap metal recycler based in Fort Wayne, Indiana, has decided to buy SRT Aluminum’s assets and operations in Wabash, Indiana. As per MetalX, the Wabash factory produces 75,000 tonnes of sow and ingot each year using electric induction and reverb furnaces. As a result of this agreement, MetalX will be able to handle more than 175,000 tonnes of nonferrous scrap yearly.
The SRT factory is situated on a 40-acre plot of land that also houses an aluminium shredder and a turnings processing facility. SRT is a secondary aluminium melting operation that produces specified remolten scrap ingots (RSI) in both sow and ingot form from aluminium scrap.
“Incorporating aluminum melting capabilities has been a key element of our overall strategy for some time. This acquisition gets us immediately into the business in a meaningful way and is a solid platform for growth. Additionally, it secures our own production needs, broadens our service offerings for existing customers and supports our focus on developing new and sustainable methods to create high-quality scrap and secondary products,” said Danny Rifkin, CEO of MetalX.
SRT employs 120 workers, "all of whom are expected to become MetalX employees following the shutdown,” said MetalX. Subject to due diligence and final clearances, the transaction is scheduled to conclude by the end of July.
MetalX advertises itself as a scrap metals recycling company that specialises in nonferrous scrap processing and selling, as well as consultancy and management services for industrial generators and end-users.
“We’ve had an excellent commercial relationship with SRT over the years and look forward to the SRT employees joining the MetalX team. We view aluminum melting as a valuable and complementary addition to our scrap business and see tremendous potential to grow the business, including new projects to increase capacity,” said Neal Rifkin, executive vice president of MetalX.
“We believe this transaction will be good for our customers, our employees and our ownership group, which has operated and grown SRT Aluminum since acquiring it in 2009,” said Bruce Warshauer, managing member of SRT.
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