Greenwave Technology Solutions Inc. expects U.S. tariffs on steel imports to drive margin expansion in FY 2025.

Greenwave Technology Solutions, Inc. GWAV, an operator of metal recycling facilities in Virginia, North Carolina, and Ohio, has announced that it expects tariffs on U.S. steel imports will drive the company’s revenue growth and margin expansion throughout fiscal year 2025.

Between 2017 and 2021, U.S. scrap metal recyclers benefited from the tariffs that 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.

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).