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Metal Exchange history
Metal Exchange company history timeline
MEC founded in St Louis in 1974, Metal Exchange Corporation has grown from a regional aluminum scrap trading company to a global trader and manufacturer of nonferrous metals.
1977 – MEC opens nonferrous processing facility in Moulton, AL
1978 – MEC acquires interest in Tower Extrusions joint venture in Olney, TX
1979 – Pennex Aluminum founded in Wellsville, PA, one 7” press.
1980 – Continental Aluminum Company begins operations in Detroit, MI
1983 – Metal Commodities, Inc. begins trading in St Louis, MO
Zinc has undergone a number of upgrades, most recently with the introduction of the special high grade contract in June 1986.
1986 – Pennex Aluminum begins fabrication operations in Emigsville, PA
1989 – Electro Cycle, Inc. begins operations in Madisonville, KY
June 1996 - Sumitomo Corp head trader Yasuo Hamanaka plunges market into crisis after losing $2.6 billion on copper over a 10-year period.
1996 – Pennex doubles extrusion capacity with addition of an 8” 2600T press.
1998 – Pennex doubles its extrusion capacity with the addition of an 8″ press.
1999 – MEC becomes the exclusive sales agent in North America for DUBAL America
2000 – Remelt and Billet casting expands to 120M lbs. and Fabrication operation moves into 50K sq. ft facility in York, PA
An index contract - LMEX - based on the six primary metals traded on the Exchange was introduced in 2000.
August 2006 - Martin Abbott appointed LME Chief Executive from October 2.
LMEminis - smaller, cash-settled monthly futures contracts and provides a simple way to access the LME's most liquid contracts - were introduced for copper, aluminium and zinc in December 2006.
July 2007 - LME members approve proposal to create 1 million new B shares.
2007 – MEC opens a trading office in Zurich, Switzerland
In 2008, the LME made a move into ferrous metals with the introduction of two regional contracts for steel billet.
September 2009 - A resolution to move the LME to a two-board structure from one board fails to secure the 75 percent of votes needed.
2009 – MEC opens a trading office in Shanghai, China
In February 2010 came the launch of two minor metals futures contracts for cobalt and molybdenum.
2010 – Pennex acquires a new extrusion facility with a 9” press in Leetonia, OH
In 2010, the LME opened its first office outside of London after 133 years of operation.
September 2011 - The LME says interest in the exchange as a takeover target has snowballed and that it will set up a “data room,” opening its books for would-be buyers, by early December.
2011 – Pennex, York facility doubles in size to allow for additional fabrication processes
June 2012 - The Hong Kong stock exchange agrees to pay 1.4 billion pounds to buy the 135-year-old London Metal Exchange, the world’s biggest marketplace for industrial metals, underlining the shift in manufacturing’s centre of gravity to Asia.
The LME was acquired by Hong Kong Exchanges & Clearing Limited in December 2012 and with that custom built a clearing house from scratch, LME Clear, to specifically serve the needs of the metals community.
2013 – Pennex acquires a new cast house facility in Greenville, PA
Such constraints did not stop the LME from operating for long however, and it began running again the autumn of 2014.
In 2016, the LME moved to its current home in Finsbury Square signifying the next step of its modernisation and housing its custom-built clearing house, LME Clear.
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Metal Exchange competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Pennex Aluminum Co. | 1979 | $158.2M | 99 | 24 |
| Mad Engine | 1987 | $300.0M | 50 | 18 |
| F. Korbel & Bros. | 1882 | $93.2M | 500 | - |
| Smardan Supply Co. | 1927 | $14.0M | 125 | - |
| Embraco | 1971 | - | 10,001 | - |
| StollerUSA | 1970 | $124.1M | 375 | - |
| Safe Industries | 2005 | $1.8M | 25 | - |
| Kipper Tool | 1992 | $48.4M | 100 | - |
Metal Exchange history FAQs
Zippia gives an in-depth look into the details of Metal Exchange, including salaries, political affiliations, employee data, and more, in order to inform job seekers about Metal Exchange. The employee data is based on information from people who have self-reported their past or current employments at Metal Exchange. The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. Sources of data may include, but are not limited to, the BLS, company filings, estimates based on those filings, H1B filings, and other public and private datasets. While we have made attempts to ensure that the information displayed are correct, Zippia is not responsible for any errors or omissions or for the results obtained from the use of this information. None of the information on this page has been provided or approved by Metal Exchange. The data presented on this page does not represent the view of Metal Exchange and its employees or that of Zippia.
Metal Exchange may also be known as or be related to Metal Exchange, Metal Exchange Corp. and Metal Exchange Corporation.