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.
