Nucor Corporation announced it has completed the acquisition of SHV North America, which owns 100% of The David J. Joseph Company and related affiliates, for approximately $1.44 billion. The David J. Joseph Company, which has been a broker of ferrous scrap to Nucor since 1969, is now a wholly owned subsidiary of Nucor and will maintain its headquarters in Cincinnati, Ohio. Nucor expects the acquisition to be accretive in 2008.
The David J. Joseph 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 on nonferrous materials. They will process over 3.5 million tons of ferrous scrap in 2008.