Nucor Corporation (NYSE: NUE) has agreed to acquire Metal Recycling Services Inc. (MRS), based in Monroe, North Carolina, according to a company release.
MRS, founded in 1999, operates a full-service processing facility (including an automobile shredder) and two North Carolina feeder yards. The company employs 150 people and expects to process 220,000 tons annually. Upon acquisition by Nucor, MRS will become part of Nucor’s subsidiary, The David J. Joseph Company (DJJ).
DJJ previously announce the acquisition of Galamba Metals Group, a deal that is expected to close by April 1, 2008. Galamba Metals Group operates 16 full-service scrap processing facilities (including two automobile shredders) in Kansas, Missouri and Arkansas.
"The addition of MRS demonstrates our commitment to grow in the scrap sector," said Daniel R. DiMicco, Nucor’s Chairman, CEO and President.
The acquisition is expected to close within 30 days.
About Nucor Corporation
Nucor and affiliates are manufacturers of steel products, with operating facilities primarily in the U.S. and Canada. Products include: carbon and alloy steel–in 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 says it is the largest recycler of ferrous scrap in North America, with total scrap purchases of 22.8 million tons in 2007.
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