Gerdau nears buy of Va. scrapyards

Aug 14, 2012 | 12:13 PM | Lisa Gordon

Tags  Gerdau Long Steel North America, scrap, scrapyards, Cycle Systems, lisa gordon

PITTSBURGH — Gerdau Long Steel North America is said to be close to finalizing a deal to purchase a chain of Virginia scrapyards.

The long products steelmaker and metals recycler is said to have signed a non-binding letter of intent to purchase Roanoke, Va.-based Cycle Systems, sources familiar with the proposed purchase told AMM.

A Gerdau spokeswoman declined to comment, noting that the company does not comment on market rumors. Attempts to reach Cycle Systems for comment were unsuccessful. ....

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