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CMS acquired Chicago-based Miller – “the leading supplier of several key raw materials to the ferrous foundry industry in North America” – from Holta Invest AS in Oslo, Norway, the company said.
Miller will retain its current name, brand and management team – chief executive officer Geir Kvernmo and chief financial officer Dimitra Kotsinonos – while operating as a CMS subsidiary.
CMS is the largest independent distributor of basic pig iron, and also sells hot-briquetted iron, alloys, scrap and steel mill by-products. “The acquisition of Miller adds the pre-eminent United States supplier of high purity pig iron, ferroalloys, silicon carbide, briquettes, foundry coke, inoculants [and other products]” CMS said.
“Miller’s reputation and focus on long-term relationships with both customers and suppliers make it a natural fit with CMS’ philosophy,” CMS president Mark Kaplan said. “Together, we will continue to focus on servicing both our customers and our suppliers to ensure sustainable, long term, and mutually beneficial relationships.”
Fastmarkets’ assessment for pig iron export, fob main port Black Sea, CIS was at $490-$505 per tonne on September 2, down by 3.4% at the midpoint from $510-$520 per tonne on August 26 but up by 46.75% at the midpoint from $335-343 per tonne at the same time in 2020.
Fastmarkets’ assessment for pig iron export, fob Ponta de Madeira, Brazil was at $510 per tonne on September 3, down by 3.32% from 527.5 on August 27 but up by 47.61% from $345.50 from September 2020.