NEW YORK (

TheStreet

) --

Goldman Sachs

(GS) - Get Report

plans to buy U.S.-based warehouse and logistics company

Metro International Trade Services

, a Goldman Sachs spokesman said.

The Goldman official didn't reveal to

TST Recommends

Reuters

how much the deal was worth.

Metro runs a global network of London Metal Exchange approved warehouses for primary aluminum, aluminum alloy, copper, lead, nickel, plastic, steel, tin, zinc and plastics.

Warehousing companies such as Metro cater to the so called contango financing through which banks and other investors earn millions of dollars by buying cash metal at a lower cost and simultaneously selling it forward at higher prices,

Reuters

says. Warehousing companies earn fees to store this metal.

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