Metal Management, Inc. Initiates Long Term Scrap Offerings to Steel Producers.Business Editors CHICAGO--(BUSINESS WIRE)--Jan. 19, 2001 Metal Management, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : MTLM), Metal Management, Inc. announced today a new offering to sell scrap metal on a long-term contract basis. The company believes this will enhance operations planning for the consumers: the mills and foundries who rely heavily on scrap to produce steel and forged metals. This process will benefit both parties by allowing for the negotiation of longer term freight contracts, and will add predictability and consistency to the relationship. Albert Cozzi, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Metal Management commented, " This is part of our `Make No Small Plans campaign' and will streamline the associated purchasing functions. As partners with the steel producers, we can move away from the often adversarial and acrimonious monthly negotiations that accompany selling scrap. We can focus on the goal of helping our customers reduce the cost of hot metal at their furnaces". Much of what Metal Management, Inc., currently sells is sold consistently to the same buyers. Commodities offered include Shredded shred n. 1. A long irregular strip that is cut or torn off. 2. A small amount; a particle: not a shred of evidence. tr.v. scrap, No. 1 Heavy Melt Steel, No. 1 Bundles, No. 1 Busheling, Machine Shop Turnings, Plate & Structural, Briquetted Steel Turnings and Blast Furnace blast furnace, structure used chiefly in smelting. The principle involved in this means of extracting metals is that of the reduction of the ores by the action of carbon monoxide, i.e., the removal of oxygen from the metal oxide in order to obtain the metal. scrap. Metal Management's vast national network of scrap processing facilities generates the volumes of scrap to meet consumer's demand on a consistent long-term basis. Combined with prime access to rail, barge and truck facilities the offering can bring new efficiencies to the industry. The company expects the first contracts to be negotiated in February. About Metal Management, Inc. Metal Management is one of the largest full service metals recyclers in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , with approximately 50 recycling facilities in 14 states and estimated annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. revenues of nearly $1 billion. |
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