Scottish recycling business John Lawrie Metals has been acquired by steel group ArcelorMittal, as part of its strategy to reduce carbon footprint.
The Aberdeen-based company will be responsible for helping the ArcelorMittal increase its use of scrap steel in steel making.
The deal was completed on 28 February, for an undisclosed sum, with the business continuing to be run by the current management team, including managing director Dave Weston and chief financial officer Charlie Parker.
John Lawrie Metals sources around half its material from the oil and gas market. With decommissioning of oil and gas wells in the North Sea increasing due to the energy transition, supplies of scrap are expected to grow significantly over the next decade.
Weston commented: “Over the last four years we have been pushing the boundaries of metal recycling and reuse, building strategic relationships with our customers and suppliers as we go with the aim of reducing carbon emissions and supporting sustainability goals.
“We are proud to be the first metal recycling business in Europe to be purchased by ArcelorMittal as part of their decarbonisation strategy - our objectives are aligned, and we will continue to focus our drive on providing an end-to-end closed loop service to our suppliers for the removal, recycling and repurposing of industrial metals.”
Geert Van Poelvoorde, chief executive at ArcelorMittal Europe, added: “We are therefore very pleased to announce the acquisition of John Lawrie Metals, which represents a further step in our strategy to increase the use of scrap steel across our steelmaking sites.”
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