PNW Metal Recycling, Inc. (PNW) announced that as of July 1, 2023, a new shareholder has joined the company — Itochu Metals Corporation of Japan (IMC). According to a press release from PNW, the strategic alliance is expected to forge a new path in the recycled materials industry, building on PNW’s last 10 years of growth.
PNW and IMC have been doing business since the merger of Rivergate Scrap Metals and R.S. Davis Recycling in 2017. Over the past six years, the two firms have conducted many successful ferrous bulk cargo transactions that helped expand each companies’ footprint in the international market of metal commodities. PNW’s current management team will remain in place.
PNW stated that they are excited to bring IMC’s experience aboard to build on its first decade of success, while being poised for further growth into the future.