Surrey-based metal producer ZincOx has acquired Severstal’s iron waste facility in Michigan for $4 million (£2.5 million).

Surrey-based metal producer ZincOx has acquired Severstal’s iron waste facility in Michigan for $4 million (£2.5 million).

The facility was built in 1999 and treats 300,000 tonnes per year of various iron waste products generated by the Rouge Steel plant at Dearborn, Michigan.

In the six months ending June, ZincOx reported revenue of £345,000 and pre-tax losses of £10.8 million.

Andrew Woollett, executive chairman of ZincOx, said that the economic outlook has improved since the start of the year and the company is continuing to look for a cost-effective way of developing its recycling business.