Greenwave's customers include subsidiaries of
Nucor Corporation, Cleveland-Cliffs, Inc., Sims Limited, and
Georgia-Pacific
The Company is one of primary domestic
suppliers of mill-ready shred in the mid-Atlantic region
CHESAPEAKE, Va., Nov. 27,
2024 /PRNewswire/ -- Greenwave Technology Solutions,
Inc. ("Greenwave" or the "Company") (Nasdaq: GWAV), an operator of
metal recycling facilities in Virginia, North
Carolina, and Ohio,
announced today that based on its 20+ years of operating history in
the U.S. scrap metal industry – including Chief Executive Officer
Danny Meeks' firsthand experience
from President-elect Trump's first term – that it expects tariffs
on U.S. steel imports will drive the Company's revenue growth and
margin expansion throughout fiscal year 2025.
During President-elect Trump's first term, U.S. scrap metal
recyclers benefited significantly from the administration's trade
policies – tariffs materially increased the cost of imported steel,
leading to significant increases in the prices of domestic recycled
metals. As Sims Limited's recent $220
million acquisition of Baltimore Steel(1)
demonstrated, industry leaders place significant value in scrap
metal operators with proprietary supply channels, seasoned
leadership, and established operations.
Greenwave provides subsidiaries of Nucor Corporation,
Cleveland-Cliffs, Inc., Sims Limited, Georgia-Pacific, amongst several other steel
producers, with a reliable supply of mill-ready shred, sourced from
hundreds of corporations, municipalities, and individuals in
Virginia, North Carolina, and Ohio.
(1) Sims Limited / 2024 Annual
Report / Note 24 - Business Acquisitions and Disposals / (a)
Baltimore Scrap Corporation / Page 124 (Link)
About Greenwave
Greenwave Technology Solutions, Inc.,
through its wholly owned subsidiary Empire Services,
Inc. ("Empire"), is an operator of 13 metal recycling
facilities in Virginia, North Carolina, and Ohio. The Company's recycling facilities
collect, classify, and process raw scrap metal (ferrous and
nonferrous).
Steel is one of the world's most recycled products with the
ability to be re-melted and re-cast numerous times. For more
information, please visit www.GWAV.com.
Forward-looking Statements
This press release contains certain forward-looking statements
within the meaning of the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. These include, without
limitation, statements about its revenue growth, opening of
additional locations, margin expansion and cashflow projections.
These statements are identified by the use of the words "could,"
"believe," "anticipate," "intend," "estimate," "expect," "may,"
"continue," "predict," "potential," "project" and similar
expressions that are intended to identify forward-looking
statements. All forward-looking statements speak only as of the
date of this press release. You should not place undue reliance on
these forward-looking statements. Although the Company believes
that its plans, objectives, expectations and intentions reflected
in or suggested by the forward-looking statements are reasonable,
the Company can give no assurance that these plans, objectives,
expectations or intentions will be achieved. Forward-looking
statements involve significant risks and uncertainties (some of
which are beyond the Company's control), assumptions and other
factors that could cause actual results to differ materially from
historical experience and present expectations or projections.
Actual results may differ materially from those in the
forward-looking statements and the trading price for the Company's
common stock may fluctuate significantly. Forward-looking
statements also are affected by the risk factors described in the
Company's filings with the SEC. Except as required by law, the
Company undertakes no obligation to update or revise publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise, after the date on which the statements
are made or to reflect the occurrence of unanticipated events.
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SOURCE Greenwave Technology Solutions
