OneSteel to buy Smorgon.Australian electric are furnace (EAF EAF - Effort Adjustment Factor ) steelmaker Smorgon Steel Smorgon Steel was an Australian steel manufacturing business established in the 1980's by the Smorgon family of Melbourne. The chairman of the company board was Graham Smorgon. Group Ltd. is being purchased by steel products maker OneSteel Ltd., also an Australia-based company. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a Bloomberg report, OneSteel has agreed to pay more than $1.5 billion (Australian) for Smorgon's assets and operations, which include scrap processing facilities and EAF furnaces. Smorgon's board of directors has unanimously recommended the offer to shareholders, with a vote scheduled for October. OneSteel makes and distributes tubes, pipes and other steel products for construction, automotive and other applications, producing about 1.7 million tons per year of steel products. Smorgon makes more than 900,000 tons of new steel, predominantly using scrap as a feedstock feed·stock n. Raw material required for an industrial process. Noun 1. feedstock - the raw material that is required for some industrial process raw material, staple - material suitable for manufacture or use or finishing . It has scrap processing facilities in Australia as well as in Virginia and Florida. Smorgon recently announced that it has acquired a 20 percent stake in Suntech Metals Co., a Thailand-based subsidiary of metal recycling company Suntech Group. In the deal, Smorgon takes day-to-day operational control of Suntech Metals' operations and trading. "Although Suntech Metals handles only minimal amounts of nonferrous material, it will complement the existing presence in Thailand of Smorgon Hartwell Recycling, which is an active participant in both the nonferrous and stainless steel stainless steel: see steel. stainless steel Any of a family of alloy steels usually containing 10–30% chromium. The presence of chromium, together with low carbon content, gives remarkable resistance to corrosion and heat. scrap markets," the company states in a release. Suntech handles around 170,000 metric tons of ferrous ferrous (fĕr`əs), iron in the +2 valence state. Containing or having to do with iron. The difference between ferrous and ferric is the number of valence electrons they contain (ferrous contains two and ferric contains three), which scrap per year and is located near several major steelmaking operations and major deepwater port facilities. Also, Smorgon has announced that it has leased land in Darwin in Australia's Northern Territory where it will establish a metal recycling facility. This facility is expected to open by the end of the summer. The company also is leasing a four-acre site in Auckland, New Zealand New Zealand (zē`lənd), island country (2005 est. pop. 4,035,000), 104,454 sq mi (270,534 sq km), in the S Pacific Ocean, over 1,000 mi (1,600 km) SE of Australia. The capital is Wellington; the largest city and leading port is Auckland. , and has begun constructing a metal recycling yard. This facility, which will open in August and reach full operation by October, will process ferrous and nonferrous scrap metal. Finally, Smorgon has opened a trading office in Hanoi, Vietnam, expanding its existing network of trading offices in China, India, New Zealand and the United Kingdom. |
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