October 16, 2023
(press release)
–
CHARLOTTE, N.C.
,
Oct. 16, 2023
/PRNewswire/ --
Nucor Corporation
(NYSE: NUE) announced an acquisition today on behalf of its recycling subsidiary
River Metals Recycling
(RMR). RMR has acquired all
Cincinnati
-based
Garden Street Iron & Metal
assets, including one feeder and one shredder yard, bringing RMR's total number of recycling facilities to 19. This is consistent with
Nucor's
raw materials strategy and demonstrates its commitment to expanding the regional recycling platforms supporting the company's steel mills.
"We are excited to welcome the Garden Street teammates to the RMR/
Nucor
family," said
Bob Eviston
, Vice President and General Manager of RMR. "This key strategic acquisition will allow us to increase our supply of sustainable raw materials for our growing steelmaking capacity in the region."
The 43 employees of Garden Street have been offered positions with RMR. The acquisition will broaden RMR's footprint in the industry, and the company will institute its best-in-class equipment, operational protocols, and safety standards at the facility, which will be rebranded under the RMR name. RMR is proud to carry on the legacy of Garden Street, which has operated in
Cincinnati
since 1958, and proud to be part of the sustainable steel supply chain.
In
December 2021
, another
Nucor
scrap recycling affiliate, Trademark Metals, purchased Garden Street's recycling facilities in
Fort Myers, Florida
.
RMR is the largest scrap recycler in
Kentucky
and the
Greater Cincinnati
area, and operates locations in
Indiana
,
Kentucky
,
Ohio
and
West Virginia
. RMR is a wholly owned subsidiary of
Cincinnati
-based,
The David J. Joseph Company
(DJJ), a
Nucor
subsidiary, which is one of the largest scrap brokers/processors in
the United States
, providing scrap brokerage, recycling and transportation services.
About
Nucor
Nucor
and its affiliates are manufacturers of steel and steel products, with operating facilities in
the United States
,
Canada
and
Mexico
. Products produced include: carbon and alloy steel -- in bars, beams, sheet and plate; hollow structural section tubing; electrical conduit; steel racking; steel piling; steel joists and joist girders; steel deck; fabricated concrete reinforcing steel; cold finished steel; precision castings;
steel fasteners; metal building systems; insulated metal panels; overhead doors; steel grating; wire and wire mesh; and utility structures.
Nucor
, through
The David J. Joseph Company
and its affiliates, also brokers ferrous and nonferrous metals, pig iron and hot briquetted iron / direct reduced iron; supplies ferro-alloys; and processes ferrous and nonferrous scrap.
Nucor
is
North America's
largest recycler.
Forward-Looking Statements
Certain statements contained in this news release are "forward-looking statements" that involve risks and uncertainties which we expect will or may occur in the future and may impact our business, financial condition and results of operations. The words "anticipate," "believe," "expect," "intend," "project," "may," "will," "should," "could" and similar expressions are intended to identify those forward-looking statements. These forward-looking statements reflect the Company's best judgment based on current information, and, although we base these statements on circumstances that we believe to be reasonable when made, there can be no assurance that future events will not affect the accuracy of such forward-looking information. As such, the forward-looking statements are not guarantees of future performance, and actual results may vary materially from the projected results and
expectations discussed in this news release. Factors that might 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)
U.S.
and foreign trade policies affecting steel imports or exports; (3) the sensitivity of the results of our operations to general market conditions, and in particular, prevailing market steel prices and changes in the supply and cost of raw materials, including pig iron, iron ore and scrap steel; (4) the availability and cost of electricity and natural gas, which could negatively affect our cost of steel production or result in a delay or cancellation of existing or future drilling within our natural gas drilling programs; (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 nonresidential construction activity in
the United States
; (7) impairment in the recorded value of inventory, equity investments, fixed assets, goodwill or other long-lived assets; (8) uncertainties and volatility surrounding the global economy, including excess world capacity for steel production, inflation and interest rate changes; (9) fluctuations in currency conversion rates; (10) significant changes in laws or government regulations affecting environmental compliance, including legislation and regulations that result in greater regulation of greenhouse gas emissions that could increase our energy costs, capital expenditures and operating costs or cause one or more of our permits to be revoked 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; (14) our ability to integrate businesses we acquire; and (15) the impact of the COVID-19 pandemic, any variants of the virus, and any other similar pandemic or public health situation. These and other factors are discussed in
Nucor's
regulatory filings with the
United States Securities and Exchange Commission
, including those in "Item 1A. Risk Factors" of
Nucor's
Annual Report on Form 10-K for the year ended
December 31, 2022
. The forward-looking statements contained in this news release speak only as of this date, and
Nucor
does not assume any obligation to update them, except as may be required by applicable law.
View original content:https://www.prnewswire.com/news-releases/river-metals-recycling-announces-acquisition-301957119.html
SOURCE
Nucor Corporation
For Investor/Analyst Inquiries - Jack Sullivan, 704-264-8942, or Paul Donnelly, 704-264-8807; or For Media Inquiries - Katherine Miller, 704-353-9015
* All content is copyrighted by Industry Intelligence, or the original respective author or source. You may not recirculate, redistrubte or publish the analysis and presentation included in the service without Industry Intelligence's prior written consent. Please review our terms of use.
