UPDATE 1-Nucor to acquire scrap processor for $1.44 bln

(Updates details of scrap company; Nucor stock rises)

NEW YORK, Feb 8 (Reuters) - Nucor Corp (NUE.N: Quote, Profile, Research) said on Friday that it has agreed to buy scrap processor David J. Joseph Co for about $1.44 billion in a move that will help the steelmaker secure key sources of raw material.

Nucor said it has signed a purchase agreement to acquire the stock of SHV North America Corp, which owns David J. Joseph Co, its related affiliates and real estate.

David J. Joseph, or DJJ, will be a wholly owned subsidiary of Nucor Corp and will retain its headquarters in Cincinnati.

"With its considerable scale and excellent management team, DJJ offers Nucor a large platform for continued growth in this segment of the industry," said Daniel DiMicco, chief executive and president of Nucor, which makes steel mostly from scrap.

DJJ is one of the leading U.S. scrap companies and Nucor said its acquisition will bring a variety of benefits.

In addition to DJJ's scrap processing operations and expertise, its extensive brokerage operations provide Nucor with global sourcing of many key steelmaking raw materials.

DJJ's rail services and logistics capabilities will allow Nucor to leverage the largest private railcar fleet in North America dedicated to scrap transportation.

And the industrial scrap programs of DJJ also will provide improved channels of raw materials to Nucor.