United States | North American manufacturer of steel products Nucor Corp has agreed to purchase the assets of Metal Recycling Services Inc. (MRS) one of the largest US metal recyclers. Metal Recycling Services, founded in 1999, operates a processing facility that includes an automobile shredder and two feeder yards. The company has 150 employees and processes 220 000 tonnes annually. The deal is slated to close within 30 days.

Metal Recycling Services will become part of Nucor's recently purchased subsidiary, The David J. Joseph Co. Charlotte-based Nucor paid US$1.44 billion for the scrap-processing company. David J. Joseph will maintain its headquarters in Cincinnati.

In another recent deal, David J. Joseph has agreed to buy Galamba Metals Group for an undisclosed amount. Galamba Metals was founded in 1977 and has 16 full-service scrap-processing facilities in Kansas, Missouri and Arkansas. The company, based in Missouri, has 385 employees. The transaction is expected to close by April 1.

Nucor is the largest acquirer of ferrous scrap in North America, with total scrap purchases of 22.8 million tons in 2007.

‘The addition of Metal Recycling Services demonstrates our commitment to grow in the scrap sector by using David J. Joseph as a platform for that growth,’ says Dan DiMicco, chief executive of Nucor. ‘We look forward to welcoming the Metal Recycling Services management team and employees to the Nucor family.’

Acknowledgement

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