Steel Dynamics Inc. announced Tuesday that it has reached an agreement to acquire two privately owned scrap yards in eastern Tennessee for an undisclosed amount.
The two scrap yards are Elizabethton Iron & Metal and Johnson City Iron & Metal, which process over 225,000 tons of ferrous scrap per year combined.
Steel Dynamics' Roanoke Bar division in Roanoke, VA will receive a portion of its ferrous scrap requirements from the two yards, which will continue to sell ferrous and nonferrous materials on the open market.
The Tennessee yards will expand the steel scrap supplied to the Roanoke mill by company-owned Shredded Products, LLC, which operates in Montvale, VA and Rocky Mount, VA. After the sale is completed, the four company-owned yards are estimated to bring in over half of the ferrous scrap consumed by the Roanoke Bar Division.
Steel Dynamics Inc is a flat-rolled steel producer for the auto, appliance and industrial machinery industries.