Today, the Competition Bureau closed an investigation into scrap metal processor American Iron & Metal Company Inc.'s (AIM) acquisition of Total Metal Recovery (TMR) Inc. after concluding the transaction is not likely to substantially lessen or prevent competition.
The decision comes after a three-month inquiry into concerns that it may affect competition in the purchase and sale of unprocessed and processed scrap metal in Quebec.
In December 2019, the Bureau reached an agreement with AIM requiring it to preserve assets acquired from TMR for a period of 60 days while the Bureau pursued its inquiry. Following a thorough investigation of the facts, the Bureau found that TMR was a failing firm whose assets were likely to have exited the market in the absence of the merger. On that basis, the Bureau determined no further action is required.
