Seoul, Korea, South, February 26, 2016 --(PR.com
)-- Gold Mountain Recycling, Inc. located in Los Angeles and its Consortium take over Steel & Resources Co., Ltd. in South Korea. Steel & Resources Co., Ltd has announced that they have signed definitive acquisition contract pursuant to which the company will be acquired by Gold Mountain Recycling, Inc. and its Consortium in stock for stock transaction valued at approximately $30 million. Through this agreement, Gold Mountain Recycling, Inc. will acquire Steel & Resources Co., Ltd.’s metal processing plants, inventory assets, the real estate properties related assets for scrap metal recycling facilities located in Asan, Dangjin port, and Incheon port and the established and trusted exportations to areas worldwide.
Steel & Resources Co., Ltd. is the one and only listed company in scrap industry in South Korea showing a sustainable growth of scrap sales and exports metal scraps worldwide. Their exports reach Southeast Asia and India areas that show a bright future for growth in the metal industry. India is the company's largest exporting destination and is also the 4th largest metal importing country in the world. By the year 2020, they are expecting the demand of metal in India to grow more than Turkey, today's primary metal importer.
Furthermore, Steel & Resources Co., Ltd. has a more efficient system for transporting their products. Compared to competitive companies, Steel & Resources Co., Ltd. transports by sea, whereas others carry their products by overland transportation that can only carry max up to 22 tons per load. Through the bulk shipment in Dangjin port yard, not only makes it possible to load and transport 20,000 tons to 30,000 tons per load, but it also lowers costs and transports worldwide.
The acquisition of Steel & Resources Co., Ltd aligns with Gold Mountain Recycling Inc.’s strategy to expand their global presence through existing channels with an established and trusted brand. With this new acquisition opportunity, Gold Mountain Recycling, Inc. will grow its value-added businesses and further strengthen its role in ferrous and non-ferrous scraps industry. Gold Mountain Recycling Inc. will expand Steel & Resources Co., Ltd.'s variety of metal scrap offerings and add advanced technologies and materials, increasing the company’s position as a leading industrial innovator.
This acquisition of Steel & Resources Co., Ltd. is a compelling opportunity for Gold Mountain Recycling, Inc. to drive growth around the world.