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Monday June 19, 1:54 pm Eastern Time
Company Press Release
Metal Recovery Technologies Inc.: Progress At East Chicago Dezincing Facility
TORONTO--(BUSINESS WIRE)--June 19, 2000--Metal Recovery Technologies Inc. (NASDAQ:MSAL - news) reports that progress towards completing the commercial demonstration dezincing plant at East Chicago, Indiana is progressing smoothly.
Meretec Inc., formerly Metal Investment Trust Ltd, the operating company at the site has reached an agreement with AGRA AMEC Inc., a major global engineering consulting and contracting firm, to oversee the engineering design and construction of the plant. AGRA recently merged with AMEC a large European engineering group and brings with them world wide experience in the steel and automotive industries.
The dezincing section of the plant, where the zinc is removed from the steel surface is almost complete, requiring only reduction drives and controls to be installed.
Part of the equipment for the zinc solution purification and zinc electrowinning sections of the plant which produces the zinc metal powder, have been delivered but not yet installed. Close liaison will be maintained with Meretec Inc. to follow the engineering and construction progress which is now in good hands with AGRA engineering personnel. The completed plant should be capable of processing up to 150,000 tons of steel per year and generating approximately 2000 tons of pure zinc metal powder.
The steel, automotive and zinc markets remain strong on a global basis. It is now almost fifteen years since automotive bodies began to be coated with zinc. A larger percentage of zinc coated automobiles can now be expected to become obsolete and be scrapped thus increasing the zinc contained in scrap delivered to the foundries and steel mills. There is increased interest in dezincing technology because zinc containing dusts produced in the steel industry are an increasing industry wide problem.
The dezincing technology is a patented process that removes zinc from galvanized steel scrap yielding two end products: 99.8 percent pure zinc, and the high quality reusable ``black'' scrap steel. The dezincing technology has been developed in partnership with the Argonne National Laboratory and the United States Department of Energy and provides an energy efficient environmentally friendly process for the recycling of zinc coated steels, which are widely used in the automotive and construction industries.
The share trading symbol of the company has been changed by NASDAQ from MRTI to MXAL.
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Contact:
Metal Recovery Technologies Inc.
William Morgan, Chairman
905/574-1996
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