Aberdeen-headquartered John Lawrie will continue to be run by the current management team including managing director Dave Weston and chief financial officer Charlie Parker.
Weston said: “Over the last four years we have been pushing the boundaries of metal recycling and reuse, building strategic relationships with our customers and suppliers as we go with the aim of reducing carbon emissions and supporting sustainability goals.
“We are proud to be the first metal recycling business in Europe to be purchased by ArcelorMittal as part of their decarbonisation strategy. Our objectives are aligned.”
ArcelorMittal said John Lawrie had “unique access” to sources of high-quality scrap steel from the UK’s oil and gas industry. The company sources around half its material from the oil and gas market.
With decommissioning of wells in the North Sea increasing due to the energy transition, supplies of scrap are expected to grow significantly over the next decade, the firm added.
Geert Van Poelvoorde, chief executive of ArcelorMittal Europe, said: “We have identified strong potential for growth in the ferrous scrap processing business, with demand growth in Europe facilitated by the European Union’s initiatives to achieve higher metal recycling rates, reduce CO2 emissions and underpin the EU’s net-zero ambitions.
“We are therefore very pleased to announce the acquisition of John Lawrie Metals, which represents a further step in our strategy to increase the use of scrap steel across our steelmaking sites.”