CHARLOTTE, NORTH CAROLINA, August 5, 2008 – Nucor Corporation (NYSE: NUE) announced today that its wholly owned subsidiary, The David J. Joseph Company (“DJJ”), has signed a purchase agreement to acquire the assets of the American Compressed Steel operations of Secondary Resources, Inc. American Compressed is based in Kansas City, Missouri. In addition, DJJ has completed the acquisition of substantially all the assets of Victoria, Texas-based Victoria Recycling.
American Compressed Steel was founded over 50 years ago. In addition to the Kansas City location, American Compressed also operates facilities in St. Joseph and Sedalia, Missouri. American Compressed employs 112 people and processes nearly 180,000 tons annually. The acquisition is expected to close within 30 days.
Victoria Recycling was founded in 2007. Victoria Recycling employs 13 people and processes over 24,000 tons annually.
Upon acquisition, American Compressed Steel will become part of DJJ’s Advantage Metals Recycling group. Since early June, Victoria Recycling has been affiliated with Texas Port Recycling, another DJJ regional company.
“The addition of the American Compressed Steel and Victoria Recycling facilities demonstrates one more step toward helping Nucor achieve our long term goal of expanding scrap sourcing, using DJJ as a platform for that growth,” said Daniel R. DiMicco, Nucor’s Chairman, CEO and President. Nucor is the largest purchaser of ferrous scrap in North America, with total scrap purchases of 22.8 million tons in 2007. Nucor and DJJ welcome the American Compressed Steel and Victoria Recycling management teams and employees to the Nucor family.
Headquartered in Charlotte, N.C., Nucor makes more steel in America than any other company. Nucor and affiliates are manufacturers of steel products, with operating facilities primarily in the U.S. and Canada. Products produced include: carbon and alloy steel – in bars, beams, sheet and plate; steel joists and joist girders; steel deck; fabricated concrete reinforcing steel; cold finished steel; steel fasteners; metal building systems; light gauge steel framing; steel grating and expanded metal; and wire and wire mesh. Nucor, through DJJ, one of the leading scrap companies in the U.S., also brokers ferrous and nonferrous metals, pig iron and HBI/DRI; supplies ferro-alloys; and processes ferrous and nonferrous scrap. Nucor is North America’s largest recycler.
Certain statements contained in this news release are “forward-looking statements” that involve risks and uncertainties. Factors that might cause the Company’s actual results to differ materially from those anticipated in forward-looking statements are outlined in Nucor’s regulatory filings with the Securities and Exchange Commission, including those in Nucor’s December 31, 2007 Annual Report on Form 10-K. 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.