Metalico, a US-based subsidiary of Ye Chiu Metal Recycling China, plans on purchasing the Liberty Iron & Metal Girard scrapyard in Ohio for $13.2mn from Honk Kong-based Chiho Environmental Group.
According to media reports, Metalico will acquire the land, assets and inventory at the Girard site including the shredder, which processes large items like cars and household appliances. Ye Chiu is expanding its US operations in order to export more metal scrap to Asia. Ye Chiu annually produces an estimated 300,000nt (272,232mt) of aluminum alloy ingots from scrap apart from copper, steel, zinc, and alloyed products.
Chiho, on the other hand, is divesting from its assets in Ohio and Pennsylvania to focus on its operations in the Southwestern region of the US.