Nucor Corp. has completed the acquisition of the stock of SHV North America Corp., which owns 100 percent of The David J. Joseph Company and related affiliates, for about $1.44 billion. The David J. Joseph Company is now a wholly owned subsidiary of Nucor Corporation and will maintain its headquarters in Cincinnati, Ohio.
"We are pleased to announce the successful acquisition of one of the leading scrap companies in the United States," said Dan DiMicco, Nucor's Chairman, CEO and President. "DJJ has been our partner for the last 38 years, and we are excited to welcome them to the Nucor family."
DJJ, founded in 1885, has been the broker of ferrous scrap to Nucor since 1969. Currently the company has five main businesses - Brokerage Services, Scrap Processing, Mill and Industrial Services, Rail Services, and Self Service Auto Parts. In 2007, the company brokered over 20 million tons of ferrous scrap and over 500 million pounds of non-ferrous materials. They will process over 3.5 million tons of ferrous scrap in 2008. DJJ also owns over 2,000 scrap-related railcars and provides complete fleet management and logistics services to third parties.
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