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Glassport-based Tube City IMS Corp. announced today that it is changing its name to TMS International Corp.
The name change reflects the company's growing global presence, a spokesman said.
The new name is effective immediately and is being implemented across all of the company's products and subsidiaries. The company's website address has changed to www.tmsinternational.com.
"Our former name, Tube City IMS, represented a consolidation of different organizations, including Tube City Iron and Metal and International Mill Service," said Raymond Kalouche, President and CEO. "Their proud legacies are the foundation of our current success. But as we move into our tenth decade of operations, we believe TMS International better reflects the company's integrated operations and global status."
Tube City IMS provides a wide range of services to the steel and metals industries, including processing, recovering and brokering the sale of precious metals and alloys; engineering and logistics support; slag handling and processing; and recycling and disposing of waste.
The company was founded in 1926 as a scrap iron and metal dealer in McKeesport, called the "Tube City" because of the presence of the National Tube Co.
In 1928, Tube City Iron and Metal moved to Glassport. In 2004, Tube City merged with International Mill Service, which was founded in 1936 in Cleveland to provide services to the steel industry such as slag processing.
According to the company's website, TMS currently provides on-site services to 12 of the world's 15 largest global steel companies and has services at 85 different facilities, located in 12 countries and five continents.
Tube City IMS's parent company, which was already known as TMS International, was traded on the New York Stock Exchange until 2013, when it was purchased by the Chicago-based investment bank the Pritzker Organization in a transaction with an estimated value of $1 billion.
According to published reports, at the time of the sale, TMS employed about 4,400 people, including 300 in the Pittsburgh area.
In December, Moody's Investors Services said TMS had $1.6 billion in revenues for the 12 months that ended Sep. 30, 2015, but warned that TMS was struggling due to the ongoing slump in North American steel production.
Kalouche said while the company's name is changing, its business practices will not.
"We will remain committed to working safely and providing the outstanding service our customers have come to expect," he said.
(Editor's Note: Written largely from a TMS International press release supplied by Jim Leonard, TMS director of media Relations and public affairs.)
Originally published March 01, 2016.