Greenwave Technology Solutions Inc. expects U.S. tariffs on steel imports to drive margin expansion in fiscal 2025. Greenwave Technology Solutions, Inc (GWAV), operator of metal recycling facilities in Virginia, North Carolina and Ohio, has announced that it expects tariffs on U.S. steel imports to drive revenue growth and margin expansion for the company throughout fiscal 2025.
Between 2017 and 2021, U.S. scrap metal recyclers benefited from tariffs that significantly increased the cost of imported steel, leading to significant increases in domestic recycled metal prices.
As the recent $220 million acquisition of Baltimore Steel from Sims Limited demonstrated, industry leaders significantly value scrap metal operators with proprietary supply channels, experienced leadership and established operations.
Greenwave provides subsidiaries of Nucor Corporation, Cleveland-Cliffs, Inc, Sims Limited, Georgia-Pacific, among other steel producers, with a reliable supply of mill-ready scrap from hundreds of corporations, municipalities and individuals in Virginia, North Carolina and Ohio.
Greenwave Technology Solutions, Inc. through its wholly owned subsidiary Empire Services, Inc. (“Empire”), operates 13 metal recycling facilities in Virginia, North Carolina and Ohio. The Company’s recycling facilities collect, sort and process raw scrap metal (ferrous and non-ferrous).
