Steel Mills
Algoma and Triple M Form Prime Scrap Sourcing JV
Written by Michael Cowden
November 2, 2021
Algoma Steel Group Inc. and Triple M Metal LP have formed a joint venture – ATM Metals Inc. – to source prime scrap and other iron units for the Canadian flat-rolled steelmaker.
The tie up between Triple M, one of North America’s largest private scrap recyclers, and Sault Ste. Marie, Ontario-based Algoma comes as the latter is considering switching to electric arc furnace (EAF) steelmaking.
Prime scrap and virgin iron units – such as pig iron, direct reduced iron (DRI), and hot-briquetted iron (HBI) – are needed to make flat-rolled steel products such as sheet and plate via the EAF route.
“We believe that we can build a powerful supply chain solution to realize the iron unit needs of the business today and in the future,” Algoma CEO Michael McQuade said in a statement.
“Algoma and Triple M have a long history of working together, so this joint venture was a natural fit for both organizations,” said Chris Galifi, chief operating officer of Giampaolo Group Inc., the parent company of Triple M.
By Michael Cowden, Michael@SteelMarketUpdate.com
Michael Cowden
Read more from Michael CowdenLatest in Steel Mills
Millett sees tariffs, CORE case benefiting SDI
Steel Dynamics' top exec thinks Trump’s tariff policies, as well as the results from the recent CORE case, will prove advantageous to the Fort Wayne, Ind.-based steelmaker and aluminum company.
USW digs in on opposition to USS-Nippon deal
“We remain deeply concerned about the national and economic security implications of the subject transaction,” the union stated in the letter dated April 21.
SDI’s Q1 earnings slump on-year, but up sequentially
SDI earnings slip in first quarter year over year, but are up sequentially.
POSCO inks MoU with Hyundai on Louisiana EAF mill
POSCO has signed a Memorandum of Understanding (MoU) with Hyundai Motor Group that includes an equity investment in Hyundai’s previously announced EAF mill set to be built in Louisiana.
CRU: Tata Steel looks to shed 1,600 jobs in the Netherlands
The company said, “The challenging demand conditions in Europe driven by geopolitical developments, trade and supply chain disruptions and escalating energy costs have affected the operating costs and financial performance."