CHARLOTTE, NORTH CAROLINA, April 2, 2008 – Nucor Corporation (NYSE: NUE) announced today that it has completed the acquisition, at a very attractive multiple, of substantially all the assets of Metal Recycling Services Inc. (“MRS”) based in Monroe, North Carolina. MRS, founded in 1999, operates a full-service processing facility (including an automobile shredder) and two North Carolina feeder yards. MRS employs 150 people and expects to process 220,000 tons annually. MRS will operate under the Metal Recycling Services, LLC name.
MRS will become part of Nucor’s wholly owned subsidiary, The David J. Joseph Company (“DJJ”), one of the leading scrap companies in the United States. Nucor and DJJ welcome the Metals Recycling Services management team and employees to the Nucor family.
This acquisition represents a step in Nucor’s previously announced plan to utilize DJJ as a platform for continued growth in the scrap processing industry.
Nucor is the largest purchaser of ferrous scrap in North America, with total scrap purchases of 22.8 million tons in 2007. 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, also brokers ferrous and nonferrous metals, pig iron and HRI/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.