PSC Closes Sale of Recyclage d'Aluminum to B.U.S.Business Editors CHICAGO--(BUSINESS WIRE)--June 26, 2001 Philip Services Corporation ("PSC (Public Service Commission) Same as PUC. ") (Nasdaq:PSCD PSCD Public Sector Collections and Disbursement PSCD Prenatal Smoking Cessation Database ) (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :PSC.) today announced that it has closed the sale of Recyclage d'Aluminium Quebec Inc. ("Recyclage") to Berzelius Umwelt-Service, AG ("B.U.S") of Duisburg, Germany, for approximately US$10 million, the majority of which will be used to pay down debt under the Company's term credit facility. "PSC received good value for this business, which was not directly related to the Company's metals recycling operations," said Anthony Fernandes, 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. . "Proceeds from the sale will allow us to further reduce our senior secured debt, strengthen our balance sheet and build on our core strengths." Recyclage is a leading recycler of aluminum dross for the Quebec aluminum industry. Aluminum dross is a by-product by·prod·uct or by-prod·uct n. 1. Something produced in the making of something else. 2. A secondary result; a side effect. by-product Noun 1. of primary aluminum smelting. At its facilities in Becancour and Baie-Comeau, Quebec, Recyclage re-melts the dross to recover aluminum, which is made into ingots and re-used in the aluminum smelting process. PSC is an industrial services and metals recovery company with operations throughout North America. PSC provides diversified industrial outsourcing services, together with by-products services and metals services, to major industry sectors. |
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