Source Pravda.Ru

Nucor to acquire David J. Joseph for 1.44 billion dollars

By Anastasia Tomazhenkova: Steelmaker and scrap metal recycler Nucor Corp. will acquire one of the nation's biggest scrap-metal companies SHV North America Corp., which owns scrap company David J. Joseph Co., for about $1.44 billion, a deal that boosts Nucor's already large profile in the scrap-metals business.

Nucor claimed the addition of David J. Joseph - a scrap metals trading, processing, and transportation company - will allow the combined entity to process about 4 million tons of ferrous scrap annually. Nucor largely uses recycled scrap steel to melt in its electric arc furnaces to make new steel.

David J. Joseph's revenue was about 6.4 billion dollars in 2007. Nucor expects the acquisition to add to earnings in 2008.

In 2007, David J. Joseph's revenue and adjusted earnings excluding items were $6.4 billion and $197 million, respectively. Nucor expects the acquisition to boost earnings this year.

Nucor Chairman and Chief Executive Daniel R. DiMicco said, "With its considerable scale and excellent management team, DJJ offers Nucor a large platform for continued growth in this segment of the industry." He added the firm's current management will remain.

In 2007, David J. Joseph brokered more than 20 million tons of ferrous scrap and more than 500 million pounds of nonferrous materials. It will process more than 3.5 million tons of ferrous scrap in 2008.

On Thursday, Nucor shares closed up 95 cents, or 1.7%, to 56.93 dollars. 

World's most powerful nuclear submarines, Arkhangelsk and Severstal, are to be dismantled after 2020 - their further exploitation is unprofitable

Russia gets rid of world’s most powerful nuclear submarines

The United States' Head of Diplomacy, or Secretary of State, is an anachronistic, incompetent, meddling, intrusive, insolent and arrogant, rude individual, a brash, foul-mouthed upstart, a conceited, self-important guttersnipe and an insult to the international community, as fit for the job as a pedophile janitor in a grade school.

Tillerson must go!
Comments
Honor me: The hell with you
What will happen if USA freezes Russian dollar assets?
Russian Guard to see enemies behind walls
Putin celebrates Epiphany bathing in ice cold waters
Russia gets rid of world’s most powerful nuclear submarines
Russian Guard to see enemies behind walls
Tillerson must go!
Turkey distances itself from Russia to plunge Syria into greater chaos
Tillerson must go!
Torturing Jerusalem with USA's help: No peace, but eternal war for Jews and Arabs
North Korea and Double Standards. Vancouver Conference a Missed Opportunity.
North Korea and Double Standards. Vancouver Conference a Missed Opportunity.
Turkey distances itself from Russia to plunge Syria into greater chaos
Turkey distances itself from Russia to plunge Syria into greater chaos
North Korea and Double Standards. Vancouver Conference a Missed Opportunity.
North Korea and Double Standards. Vancouver Conference a Missed Opportunity.
Ukraine's Western allies point their guns at President Poroshenko
Ukraine's Western allies point their guns at President Poroshenko
Why did the USSR lose the Moon race?
Honor me: The hell with you
Is the Syrian War Really Over?