Nucor to Acquire Monroe-Based Metal Recycling Services
03/19/2008 - Nucor will acquire substantially all the assets of Monroe, N.C., based Metal Recycling Services, a 220,000 tons/year scrap processor.
Nucor Corp. has signed a purchase agreement to acquire substantially all the assets of Monroe, N.C., based Metal Recycling Services Inc. (MRS).
MRS operates a full-service processing facility that includes an automobile shredder, and two North Carolina feeder yards. The facilities are expected to process 220,000 tons of scrap annually. Nucor, the largest purchaser of ferrous scrap in North America, purchased a total of 22.8 million tons of scrap in 2007.
"The addition of MRS demonstrates our commitment to grow in the scrap sector by using DJJ as a platform for that growth," said Daniel R. DiMicco, Nucor's Chairman, CEO and President. "We look forward to welcoming the MRS management team and employees to the Nucor family."
The acquisition is expected to close within 30 days, subject to the completion of due diligence and other closing conditions. Upon completion of the acquisition, MRS will become part of Nucor's wholly owned subsidiary, The David J. Joseph Co. (DJJ).
DJJ is expected to close a transaction with Galamba Metals Group by April 1, 2008. Galamba Metals Group operates 16 full-service scrap processing facilities, including two automobile shredders, in Kansas, Missouri and Arkansas.
Founded in 1999, Metal Recycling Services operates a full-service processing facility and two North Carolina feeder yards, and employs 150 people.
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 also brokers ferrous and nonferrous metals, pig iron and HRI/DRI; supplies ferro-alloys; and processes ferrous and nonferrous scrap.
Nucor is North America's largest recycler.
