VOL. 123 | NO. 28 | Monday, February 11, 2008
Nucor Buys Scrap Broker Owner for $1.44B
CHARLOTTE, N.C. (AP) - Steel producer Nucor Corp. said Friday it has agreed to acquire SHV North America Corp., which owns scrap broker and processor David J. Joseph Co., for about $1.44 billion.
Charlotte-based Nucor, which makes steel from recycled metal, said the deal will provide it with broader global sourcing of raw materials to make steel and allow it to process about four million tons of ferrous scrap each year.
Nucor, which has worked with David. J. Joseph since 1969, expects the acquisition to add to earnings in 2008.
David J. Joseph, based in Cincinnati, has 1,700 workers and posted 2007 revenue of $6.4 billion.
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