Recycler Keywell LLC has filed for bankruptcy protection, blaming weak demand from manufacturers for the steel, nickel and other metals that the company collects from a network of more than 1,000 scrapyards, industrial plants and government agencies across the country, the Wall Street Journal reported today. Executives put Chicago-based Keywell under chapter 11 protection on Tuesday with a plan to sell the company, which supplies recycled titanium, stainless steel and other metals to buyers like steel mills and aerospace manufacturers. In court papers, the company said that it has a purchase offer from fellow scrap-metal recycler Cronimet Holdings Inc., but it will continue to look for higher bids. Keywell officials didn't disclose the value of Cronimet's initial offer, but it is expected to be revealed in future bankruptcy court filings.
