Taicang-based Yechiu Metal Recycling (China) was approved by the Ministry of Commerce to set up Metalico in the US with $107 million in investment, reported the Taichang Daily.

Metalico, the company's fifth overseas subsidiary, is a comprehensive corporation headquartered in Cranford, New Jersey. It recycles scrap steel and iron; non-ferrous metals, principally aluminum, copper, and lead; and nickel-based steel and high temperature alloys. It also buys catalytic converters to recover platinum, palladium, and rhodium.

Yechiu's other four subsidiaries are in Malaysia, the US and Hong Kong.

Yechiu ranks first among all Taicang companies in overseas investment, with a total of $296 million.