Nucor’s subsidiaries announce two acquisitions
Posted: October 1, 2021 at 2:35 p.m. MDT
CHARLOTTE, North Carolina, October 1, 2021 / PRNewswire / – Nucor Corporation (NYSE: NUE) today announced two acquisitions on behalf of The David J. Joseph Company (DJJ). The addition of these new recycling sites, representing a 10% growth in capacity, is in line with Nucor’s growth strategy and demonstrates our commitment to expand regional recycling platforms supporting our steel plants.
At September 30, Advantage Metals Recycling (AMR) has completed the purchase of Grossman Iron and steel located in Saint Louis, Missouri. This acquisition brings the total number of AMR recycling facilities to twelve. âWe are delighted to welcome Grossman’s teammates to the AMR / Nucor family. They are well positioned to support our growing steel production capacity along the Mississippi and Ohio River system, âsaid Mark Schaefer, vice-president and general manager of AMR.
Trademark Metals Recycling LLC (TMR) has agreed to purchase the assets of Garden Street Iron & Metal Inc. located at Fort Myers, Florida. This transaction will close on October 4, subject to normal closing conditions. This acquisition brings the total number of TMR recycling facilities to twenty-six. âThe Garden Street teammates are a welcome addition to the TMR / Nucor team and will add seamlessly to our strong presence in the Florida market â, said Brian phillippi, Managing Director of VMR.
About the David J. Joseph Company
Founded in 1885, The David J. Joseph Company is a Cincinnatisubsidiary of Nucor Corporation. DJJ is one of the largest scrap metal brokers / processors in United States provide scrap brokerage, recycling and transportation services. Including these acquisitions, DJJ operates more than 60 scrap metal recycling facilities and thirteen self-service U-Pull – & – Pay used auto parts stores. AMR and TMR are both 100% owned by DJJ.
On Grossman Iron and steel
Founded in 1920, Grossman operates a full-service ferrous and non-ferrous scrap recycling facility, which includes an automotive shredder and a metal recovery facility at Saint Louis, Missouri.
About Garden Street Iron & Metal
Founded in 1989, Garden Street operates three full-service ferrous and non-ferrous scrap recycling facilities, including an auto shredder and self-service used auto parts store in Southwest Florida.
Nucor and its subsidiaries are manufacturers of steel and steel products, with operating facilities in the United States, Canada and Mexico. Products manufactured include: carbon and alloy steel – in bars, beams, plates and sheets; tubes of hollow structural section; Electrical conduit; steel shelving; steel piles; steel beams and joists; steel platform; fabricated reinforcing steel; cold finished steel; precision castings; steel fasteners; metal building systems; insulated metal panels; steel grating; and wire and wire mesh. Nucor, through The David J. Joseph Company, also deals in ferrous and non-ferrous metals, pig iron and hot briquetted iron / direct reduction iron; provides ferroalloys; and processes ferrous and non-ferrous waste. Nucor is the largest recycler in North America.
Certain statements contained in this press release are “forward-looking statements” that involve risks and uncertainties. The words “anticipate”, “believe”, “expect”, “intend”, “project”, “could”, “will”, “should”, “could” and similar expressions are intended to identify these forward-looking statements. These forward-looking statements reflect the best judgment of the Company based on current information and, although we base these statements on circumstances that we believe are reasonable when made, there can be no assurance that future events will not affect the Company. accuracy of these forward-looking statements. information search. As such, forward-looking statements are not guarantees of future performance, and actual results may differ materially from the projected results and expectations discussed in this press release. Factors that could cause the Company’s actual results to differ materially from those anticipated in forward-looking statements include, but are not limited to: (1) competitive pressure on sales and pricing, including pressure from imports and substitute materials; (2) US and foreign trade policies affecting steel imports or exports; (3) the sensitivity of the results of our operations to prevailing market steel prices and to variations in the supply and cost of raw materials, including pig iron, iron ore and scrap; (4) the availability and cost of electricity and natural gas, which could negatively impact our steel production costs or cause the delay or cancellation of existing or future drilling under our programs natural gas drilling; (5) critical equipment failures and business interruptions; (6) Market demand for steel products, which in the case of many of our products is driven by the level of non-residential construction activity in the United States; (7) impairment of the recorded value of inventories, participations, fixed assets, goodwill or other long-lived assets; (8) uncertainties surrounding the global economy, including excess global steel production capacity; (9) fluctuations in currency conversion rates; (10) material changes in laws or government regulations affecting environmental compliance, including laws and regulations that result in stricter regulation of greenhouse gas emissions that could increase our energy costs, capital expenditures and our operating costs or result in the revocation of one or more of our permits or make it more difficult to obtain permit modifications; (11) the cyclical nature of the steel industry; (12) capital investments and their impact on our performance; (13) our safety performance; and (14) the impact of the COVID-19 pandemic and any variant of the virus. These and other factors are discussed in Nucor’s regulatory documents with the Securities and Exchange Commission, including those in “Section 1A.” Risk Factors âof Nucor’s annual report on Form 10-K for the year ended December 31, 2020. The forward-looking statements contained in this press release speak only as of that date, and Nucor assumes no obligation update them, unless required by applicable law.
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SOURCE Nucor Corporation
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