Nucor Completes Acquisition of The David J. Joseph Company
03/04/2008 - Nucor completes its acquisition of SHV North America—the owner of 100% of The David J. Joseph Co.—for a purchase price of approximately $1.44 billion.
Nucor Corp. has completed its acquisition of the stock of SHV North America Corp. for a purchase price of approximately $1.44 billion.
SHV North America owns 100% of The David J. Joseph Co., which has now become a wholly owned subsidiary of Nucor Corp.
"We are pleased to announce the successful acquisition of one of the leading scrap companies in the United States," said Dan DiMicco, Nucor's Chairman, CEO and President. "DJJ has been our partner for the last 38 years, and we are excited to welcome them to the Nucor family."
Nucor expects the acquisition to be accretive in 2008. The new subsidiary will maintain its headquarters in Cincinnati, Ohio.
Nucor and affiliates manufacture steel products, with operating facilities primarily in the U.S. and Canada. Products include carbon and alloy steel bars, beams, sheet and plate; steel joists and joist girders; steel deck; fabricated concrete reinforcing steel; cold finished steel; steel fasteners; metal building systems; light gauge steel framing; steel grating and expanded metal; and wire and wire mesh. Nucor is North America's largest recycler.
Headquartered in Cincinnati, The David J. Joseph Co. has five main businesses: Brokerage Services, Scrap Processing, Mill and Industrial Services, Rail Services, and Self Service Auto Parts. In 2007, the company brokered over 20 million tons of ferrous scrap and over 500 million pounds of non-ferrous materials. They will process over 3.5 million tons of ferrous scrap in 2008 utilizing twelve shredders in 35 yards. DJJ also owns over 2000 scrap-related railcars and provides complete fleet management and logistics services to third parties. Founded in 1885, David J. Joseph has been Nucor’s ferrous scrap broker since 1969.
