Today’s Providence Journal has an excellent editorial noting the exciting news that Sims Metal Management has purchased Promet Marine.  Sims’ investment in Promet’s deep-water pier is clear evidence of the tremendous value of the Allens Avenue working waterfront and the need to maintain industrial zoning to protect this critical state and regional economic asset.

Providence received some good news recently, with the announcement by Sims Metal Management, an international metals and electronics-recycling company, that it has acquired Promet Marine Services on Allens Avenue.

Promet, with a 600-foot pier served by rail and capable of berthing deep-draft ships, and some nine acres for shore-side operations, has long been a leader in the local marine-trades sector. With the sale, for an undisclosed sum, and the new owner’s intention to retain all current Promet personnel and hire more over the coming months, our marine industry seems stronger than ever, and likely to play a growing role in the city’s economy.

Scrap is in high demand in many markets around the world. Sims’s entry into the region should translate into higher prices for scrap from area manufacturers, helping them to hire more workers and reinvest capital.

This is the kind of development the Ocean State needs. It also speaks to the wisdom of having dredged the badly silted Providence River channel, in 2004. 

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