Greenwave Technology Solutions, Inc., a metal recycling company with facilities in Virginia, North Carolina, and Ohio, expects an increase in revenue and margin expansion in fiscal year 2025 due to anticipated tariffs on U.S. steel imports. The company’s CEO, Danny Meeks, draws on his experience from President-elect Trump’s first term to make this prediction.
During the Trump administration, U.S. scrap metal recyclers benefited from trade policies that increased the cost of imported steel, driving up the prices of domestic recycled metals. Greenwave’s customers include subsidiaries of major steel producers such as Nucor Corporation, Cleveland-Cliffs, Inc., Sims Limited, and Georgia-Pacific, making it a key domestic supplier of mill-ready shred in the mid-Atlantic region.
The recent acquisition of Baltimore Steel by Sims Limited for $220 million underscores the value placed on scrap metal operators with established supply channels and experienced leadership. Greenwave sources its mill-ready shred from hundreds of corporations, municipalities, and individuals in Virginia, North Carolina, and Ohio.
Greenwave operates 13 metal recycling facilities that collect, classify, and process raw scrap metal, both ferrous and nonferrous. The company highlights the sustainability of steel as an endlessly recyclable product that can be re-melted and re-cast multiple times.
Investors should be aware of the risks involved in forward-looking statements like those made by Greenwave. The company cautions that actual results may differ from projections and are subject to factors beyond its control. It advises investors to consider these risks when making investment decisions and pledges to update stakeholders on any developments that may impact its forecasts.
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