Illustration: Preston Jessee/WSJBut the process is putting more pressure on the U.S. scrap market. “Prime scrap is what will become increasingly scarce as steel mills add to their electric furnace capacity,” saidPhilipp Englin,chief executive of World Steel Dynamics. Cliffs CEOLourenco Goncalvessaid he expects Ferrous Processing to give Cliffs an advantage in securing prime scrap. MetalX’s Mr. Rifkin sold his OmniSource Corp. scrap business to Indiana-based Steel Dynamics 14 years ago in a cash-and-stock deal worth about $1 billion. Now that he’s selling a portion of that business, he said he has no interest in coming back to the steel scrap market for a third time.

Source: Wall Street Journal January 03, 2022 12:18 UTC