Phoenix, Arizona – January 9, 2017 – Liberty Iron & Metal Holdings (Liberty) continues to fortify its position as one of the leaders in the scrap metal market after completing its recapitalization efforts.
Liberty received over $10 million of additional funds through its shareholder to be used for working capital and acquisition financing to advance the Company’s growth and expansion in the US. As part of the previously announced structural changes, Scholz United States merged into Liberty Iron & Metal Holdings.
“The new Liberty is financially stronger than ever,” stated Alexander Esser, CFO of Liberty. “Thanks to the support and resources from our shareholders Liberty is in great financial shape to meet the needs of our customers locally and abroad.”
To further advance its capabilities and offerings to its customers, Liberty has integrated Scholz International Inc., a San Francisco-based brokerage firm. Now called Liberty International Trading Inc., it will offer in-house brokerage services to its Asian customers and others looking to explore opportunities in the Asian markets.
Through a new composition of the Board of Directors, Yongming Qin joins the Board of Directors effective January 1, 2017. Mr. Qin is the CEO of Chiho-Tiande Group and acts as the Executive Director of its Board. He is also Co-CEO of Scholz Group. He has extensive experience in multinational organizations, having served as the Head of Supply Chain and Procurement in China for Lafarge and Henkel.
“The addition of Yongming Qin, a seasoned business strategist and operator, to our Board demonstrates our parent’s commitment to the US market and the strategic relevance of Liberty’s ongoing success. This is an exciting time in Liberty’s history. We have a strong balance sheet, the cash, and the in-house yard and brokerage service capabilities needed that allow Liberty to meet the expanding needs of our customers. 2017 is going to be a great year for our employees, customers and partners,” Mike Diamond, COO of Liberty, concluded.
The Board of Directors was further complemented by Mike Greulich, Mike Diamond and Alexander Esser, giving Liberty high local autonomy to effectively operate in the US market and ensures consistency in its leadership.