Brookfield looks to capitalize on the economies of containerized scrap steel shipments
ELMSFORD N.Y. (Jan. 11) 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 the city of Mandi Gobindgarh, currently 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 already is a large consumer of scrap metal, all of which makes this a tremendous opportunity for Brookfield, Malone said. However, more than anything else, this facility is an important element in the growth plans for our current and future operations in the U.S. because it establishes a highly profitable distribution channel for our scrap metal products and provides the ability to leverage the significant opportunities that emerging economies such as India represent.
About Brookfield Resource Management Inc.:
Brookfield Resource Management Inc., a recycler headquartered in Elmsford, N.Y., is a privately held company with more than 40 years of experience in the recycling industry. Brookfield employs 90 full-time employees and provides clean, safe, efficient processing of recyclable materials such as end-of-life vehicles, metal, paper, plastic and electronics. In addition to its headquarters, the company has locations in Chicago, Ill., Bronx, N.Y., and Montrose, N.Y. For more information, please visit www.brookfieldco.com.
