Greenwave Technology Solutions (NASDAQ: GWAV) announced significant margin expansion driven by a 20% rise in scrap steel prices since early February, with further increases expected as U.S. steel and aluminum import tariffs take effect on March 12, 2025. Through its wholly owned subsidiary, Empire, Greenwave operates Hampton Roads’ leading scrap metal chain, supplying major defense contractors and the world’s largest naval base with military-grade scrap metal. The company runs 13 metal recycling facilities across Virginia, North Carolina, and Ohio, serving industry giants such as Nucor, Sims, and Cleveland-Cliffs. Greenwave’s competitive positioning is further strengthened by a portfolio of protected operational licenses, key facility acquisitions reducing rental costs, and its role as a major supplier to Nucor’s upcoming steelmaking facility in North Carolina.
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About Greenwave Technology Solutions Inc
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).
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