(Yicai Global) Dec. 28 -- The US unit of Ye Chiu Metal Recycling China will pay Hong Kong’s Chiho Environmental Group USD13.2 million for a Liberty Iron & Metal scrapyard in Ohio to ensure its upstream supply of junk metal.

Metalico will acquire the fixed assets, land and inventory of Liberty Iron & Metal Girard, including its scrap metal yard and scrap metal shredder, the Suzhou-based scrap metal firm said yesterday. The shredder can crush bulk metal items such as cars and white goods, it added.

Chiho Environmental decided to divest its assets in Ohio and Pennyslvania to focus on its southwest operations and enhance the performance of its US business, the junk metal recycler said yesterday.

Ye Chiu specializes in processing scrap metal imported from the US and produces round 300,000 tons of aluminum alloy ingots a year.

Ye Chiu’s stock [SHA:601388] closed up 0.63 percent at CNY3.20 (USD0.49) today. Chiho Environment [HKG:0976] remained unchanged at HKD0.34 (USD0.04).

Editor: Kim Taylor