Chicago scrap metal recycler announces permanent closure of all facilities

Published: Dec 15, 2015 14:24

Save

Chicago, Ill-based Pre Metal Recycling has filed a document at the Indiana Department of Workforce Development, stating that the company intends to permanently close all of its facilities.

By Paul Ploumis (ScrapMonster Author)

December 15, 2015 02:08:16 AM

CHICAGO (Scrap Monster): Chicago, Ill-based Pre Metal Recycling has filed a document at the Indiana Department of Workforce Development, stating that the company intends to permanently close all of its facilities.

The notice from Pure Metal Recycling CEO Chris Dandrow cites the company’s inability to timely secure additional funding from any lending source. Earlier reports had indicated that a potential investor had expressed interest to buy the assets of the company. However, the investor has now withdrawn its bid, according to newspaper reports.

According to the letter, the closing will be permanent and will result in complete closing of all its facilities. The closing will also affect the jobs at these locations. Incidentally, Pure Metal Recycling has seven locations altogether-three in Chicago, three across areas of Illinois and one in Indiana. The production activity at facilities located in 3357 S. Justine St., Chicago, IL 60608, 3850, S. Racine Ave., Chicago, IL 60609, 3802, S.Racine Ave., Chicago, IL 60609, 1255 Gifford Rd. Elgin, IL 60120, 13500 S. Mozart, Blue Island, IL 60406, 2 Genstar Lane, Joliet, IL 60403, 1420 S. Walnut, South Bend, IN 46619 has been closed effective 4th Dec, 2015.

The company website says that Pure Metal Recycling entered into an Assignment for the Benefit of Creditors and that the Assignee will be sending a Notification of Assignment letter with a claim form to all known creditors of the company, the week of December 14th, 2015.

Pure Metal Recycling was formerly known as Acme Refining.

The US scrap recyclers have been badly hit by scrap market conditions. Many facilities are getting closed, unable to survive the tough market conditions. Earlier this month, Reidsville, NC-based B.P Greer Recycling had filed for Chapter 11 reorganization bankruptcy.

scrap metals scrap recycling

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

8 hours ago

[SMM Nickel Flash] US Faces 742,000 mt Nickel Deficit by 2035 Amid Zero Smelting Capacity

The United States currently operates no domestic nickel smelters, leaving North America entirely reliant on just two remaining pyrometallurgical facilities in Canada. Compounding this critical supply chain vulnerability, a recent report by the Carnegie Endowment for International Peace projects that the US will face a massive annual nickel deficit of approximately 741,987 tonnes by 2035. To address this severe shortfall, awaruite (a naturally occurring nickel-iron alloy) is emerging as a strategic solution. Because awaruite concentrate can bypass traditional smelting and be directly converted into nickel sulfate, it is favorably positioned to qualify for the US Section 45X Advanced Manufacturing Production Credit, helping to secure domestic defense and EV battery supply chains.

8 hours ago

[SMM Nickel Flash] Canadian Awaruite Project to Bypass Smelting with 60% Ni Concentrate

According to industry reports, the Pipestone XL project in Newfoundland, Canada, is advancing its awaruite (Ni₃Fe) nickel-cobalt deposit to supply the North American defense and energy storage sectors. Awaruite, a naturally occurring, sulfur-free magnetic alloy containing approximately 77% nickel, enables the production of a high-grade ~60% nickel concentrate through simple magnetic separation and flotation. This unique metallurgical profile completely bypasses carbon-intensive pyrometallurgical smelting and early hydrometallurgical stages like high-pressure acid leaching (HPAL).

8 hours ago

[SMM Stainless Steel Flash] European Stainless Prices Hit 18-Month High Amid Rising Costs

According to market research, European stainless steel producers successfully lifted prices in March, driven by rising scrap costs, volatile energy prices, and limited import competition. Transaction prices for grade 304 cold-rolled coil reached an 18-month high as all European producers implemented month-on-month increases. Domestic mills are seeing improved order books, with lead times now extending into June and some delivery delays reported, particularly for ferritic materials. Producers are targeting further increases for July production, with some offers for grade 304 cold-rolled sheet already around $2,916/mt (EUR 2,700). Market participants note that mills aim for a target selling price of approximately $3,240/mt (EUR 3,000) in the coming months.

8 hours ago