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Nucor to acquire two scrap companies

Nucor Corp. continues to expand in the scrap-processing industry with two acquisitions, officials announced Tuesday.

The Charlotte-based steelmaker's wholly owned subsidiary, The David J. Joseph Co., has signed a purchase agreement to acquire the assets of the American Compressed Steel operations of Secondary Resources Inc., based in Kansas City, Mo.

The company has also completed the acquisition of Victoria Recycling, based in Victoria, Texas.

American Compressed Steel, founded more than 50 years ago, has 112 employees and processes nearly 180,000 tons annually. The acquisition is expected to close within a month.

Victoria Recycling, founded in 2007, has 13 employees and processes more than 24,000 tons a year.

The acquisitions are Nucor's latest steps toward its long-term goal of expanding scrap sourcing, Chief Executive Dan DiMicco said in a news release.

Nucor is the largest U.S. steelmaker by volume and the largest purchaser of ferrous scrap in North America, buying 22.8 million tons last year.

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