Jan 12 2011
Brookfield Resource Management, a leading recycling company serving the New York and Chicago metropolitan markets, today announced the establishment of a scrap metal processing facility in India’s Punjab state.
Brookfield’s operations in India are the result of a joint venture between Brookfield and the Indian company Overseas Metals Inc. The JV will operate as a separate company known as Brookfield India Pvt. Ltd.
“Establishing a facility in India is an important component in our long-term corporate strategy,” said Tom Malone, president of Brookfield Resource Management, which is based in Elmsford, N.Y. “In the near term, it provides the ability to sell directly into the Indian steel market, and over the long term acts an important stepping stone to achieving vertical integration within the international steel industry.”
Brookfield India Pvt. Ltd., located in Mandi Gobindgarh, receives, sorts and sells ferrous scrap material imported from Brookfield’s facilities in the United States. The scrap steel products are sold to regional steel mills in northwestern India. In addition to importing its own scrap, Brookfield expects to begin sourcing material from other scrap processors in the U.S. As an extension to its current Indian recycling operations, Brookfield plans to open a foundry and rolling mill in India during the fourth quarter of 2011.
“India’s economy will continue to grow at around 8.5 percent a year, the political climate is favorable for investment and the country is a large consumer of scrap metal, all of which makes this a tremendous opportunity for Brookfield,” Malone said. “More than anything else, this facility is an important element in Brookfield’s growth plans because it establishes a profitable distribution channel for our scrap metal and provides the ability to leverage the significant opportunities that emerging economies such as India represent.”
Source: http://www.brookfieldco.com/