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Gerdau announces agreement to acquire Cycle Systems
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Gerdau announces today the completion of its acquisition of certain operating assets of Cycle Systems, Inc., a metal recycling company based in Roanoke, Va. The transaction will expand Gerdau’s presence in the competitive mid-Atlantic region.
“This purchase supports our goal to minimize billet cost by having scrap sources closer to our steel mills.” said Guilherme G. Johannpeter, president of Gerdau’s North American long steel division. “It will be a great advantage for our mill in Petersburg, Va., and other nearby operations.”
Cycle Systems has nine locations throughout central and western Virginia, including a shredder and several feed yards. All together, the company processed nearly 185,000 tons of materials in 2011.
“We look forward to adding Cycle Systems to our existing network of scrap processing locations,” said Matt Yeatman, vice president of metallics and raw materials at Gerdau’s North American long steel division. “In addition to supporting our sourcing strategy, it will also grow our commitment to sustainability and the Petersburg community.”
Gerdau is the leading producer of long steel in the Americas and one of the largest suppliers of special long steel in the world. It has more than 45,000 employees and industrial operations in 14 countries with operations in the Americas, Europe and Asia, which together represent an installed capacity of more than 25 million metric tons of steel per year. Gerdau is the largest recycler in Latin America and around the world and transforms millions of metric tons of scrap into steel every year. Gerdau is listed on the stock exchanges of São Paulo, New York and Madrid, and has approximately 140,000 shareholders.
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