Cleveland-Cliffs Reports First-Quarter 2024 Results and Announces New $1.5 Billion Share Repurchase Program
About this Location
In November 2021, Cleveland-Cliffs completed its acquisition of Ferrous Processing and Trading Company, which makes the company a wholly-owned Cleveland-Cliffs facility.
Ferrous Processing and Trading (FPT) is one of North America’s premier processors, buyers, sellers, and recyclers of scrap metals of all kinds. Ferrous Processing and Trading is a key supplier to the metals industry of North America. They are also a major scrap metals management company for the U.S. auto industry.
FPT currently processes approximately three million tons of scrap per year (as of Nov. 2020), approximately half of which is prime grade. Cleveland-Cliffs expects to grow its prime scrap presence through its existing relationships with industrial steel consumers.
Ferrous has facilities located in Michigan, Ohio, Tennessee, Florida, Mexico and Ontario. Contact them on their website, https://www.fptscrap.com/.