Nucor Corporation, the largest ferrous scrap purchaser in North America, announced Tuesday that it has signed a purchase agreement to acquire substantially all the assets of Monroe, North Carolina-based Metal Recycling Services Inc. (MRS).
MRS, which is expected to process 220,000 net tons annually, operates a full-service processing facility, including an automobile shredder and two North Carolina feeder yards. MRS will become part of Nucor's wholly owned subsidiary, The David J. Joseph Company, one of the leading scrap companies in the United States.
"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 in 30 days, subject to the completion of due diligence and other closing conditions.
Nucor consumed approximately 22.8 million net tons of scrap in 2007. Its operating facilities are mainly located in the United States and Canada.