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- Mitsui & Co., Ltd.
Corporate Communications Division
TOKYO, Japan - May 26, 2008 : Mitsui & Co. Ltd. ("Mitsui") announced today that it has sold its whole ownership interest in Pacific Coast Recycling, LLC ("PCR") to SA Recycling LLC, a joint venture between Sims Group Limited and Adams Steel LLC.
PCR was established in 1996 and owned by Raw Materials Development Co., Ltd. ("RMD") prior to its sale. RMD is jointly owned on a 50:50 basis by Mitsui and Mitsui & Co. (U.S.A.), Inc. ("Mitsui USA").
This transaction reflects Mitsui's corporate strategy in which Mitsui has been constantly reviewing its portfolio to increase shareholder value, aiming to focus its metal scrap recycling activities in the North American region on its existing investment in Sims Group Limited.
PCR is a ferrous and nonferrous scrap recycling company based in Long Beach, California with annual shipments of approximately 1 million MT. It operates 7 facilities in Southern California, including a facility at the Port of Long Beach.
This press release includes forward-looking statements about Mitsui. These forward-looking statements are based on the current assumptions and beliefs of Mitsui in light of the information currently available to it, and involve known and unknown risks, uncertainties and other factors. Such risks, uncertainties and other factors may cause Mitsui's actual results, performance, achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by these forward-looking statements. The risks, uncertainties and other factors referred to above include, but are not limited to, those contained in Mitsui's latest annual report on Form 20-F, which has been filed with the U.S. Securities and Exchange Commission.
This press release is published in order to publicly announce specific facts stated above, and does not constitute a solicitation of investments or any similar act inside or outside of Japan, regarding the shares, bonds or other securities issued by us.