Nucor Corporation, the largest purchaser of ferrous scrap in North America, announced Monday that it has completed its previously announced purchase of The David J. Joseph Company (DJJ), its related affiliates and real estate, for approximately $1.44 billion.
As per the terms of the deal, DJJ will be a wholly owned subsidiary of Nucor and will keep its headquarters in Cincinnati, Ohio.
The addition of DJJ, one of the nation's leading scrap companies, to Nucor's current scrap processing capabilities will broaden Nucor's raw materials strategy further into the scrap sector, allowing the company to process approximately four million net tons of ferrous scrap annually, Nucor said in a press release.
In addition to DJJ's scrap processing capacities, DJJ's extensive brokerage operations will provide Nucor with more global sourcing options for scrap and other raw materials, and its rail services and logistics capabilities "will allow Nucor to leverage the largest private railcar fleet in North America dedicated to scrap transportation," according to Nucor's press release.