Scrap suppliers to U.S. Steel Corp, Nucor Corp. and ArcelorMittal, TMS International Corp. looks to get stronger in the hands of a new owner.
The Pritzkers “will spend about $1 billion in cash to acquire one of the largest scrap metal suppliers to steel mills — Glassport-based TMS International Corp. — and expand it. TMS, parent of Tube City IMS Corp., agreed to be sold to The Pritzker Organization, which is run by hotel heir Tom Pritzker,” according to TribLive.
TMS provides outsourced industrial services to steel mills, such as supplies of scrap metal, slag processing and logistics support in 12 countries, according to the article.
Meanwhile, prices on the global steel market stayed frozen today.
The price of iron ore 58% fines from India hit a high price remained rangebound. The price of Chinese HRC was essentially unchanged. The price of Chinese coking coal continues hovering in place for the fifth day in a row.
For the fifth day in a row, the cash price of steel billet remained essentially flat on the LME at $140.00 per metric ton. The 3-month price of steel billet saw essentially no change on the LME for the fifth day in a row, remaining around $160.00 per metric ton.
The 3-month price of the US HRC futures contract remained essentially flat at $631.00 per short ton. For the fifth consecutive day, the US HRC futures contract spot price held flat at $648.00 per short ton.