Nucor to acquire David J. Joseph

Nucor Corporation has signed a Purchase Agreement to acquire the stock of SHV North America Corporation, which owns 100% of The David J. Joseph Company (DJJ), its related affiliates and real estate, for approximately $1.44 billion. The David J. Joseph Company will be a wholly-owned subsidiary of Nucor Corporation and will maintain its headquarters in Cincinnati, Ohio.

The acquisition of DJJ will bring a variety of benefits to Nucor. In addition to DJJ’s scrap processing operations and expertise, its extensive brokerage operations will provide Nucor with global sourcing of many key steelmaking raw materials. DJJ’s rail services and logistics capabilities will allow Nucor to leverage the largest private railcar fleet in North America dedicated to scrap transportation. The industrial scrap programs of DJJ will provide improved channels of raw materials to Nucor.

The addition of DJJ to Nucor’s current scrap processing capabilities will allow them to process approximately four million tons of ferrous scrap annually.

Currently, DJJ 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 with twelve shredders in 35 yards.

DJJ also owns over 2,000 scrap-related railcars and provides complete fleet management and logistics services to third parties. In 2007, the combined David J. Joseph Company’s revenue and adjusted EBITDA were approximately $6.4 billion and $197 million respectively. Nucor expects the acquisition to be accretive in 2008.