One of the world's leading steel producers is buying Roanoke-based Cycle Systems.
Gerdau confirmed the deal Friday morning in a news release, saying the company has agreed to acquire "certain operating assets"  of the metal recycling company.
Cycle Systems has nine locations in central and western Virginia.  It's unclear how the agreement will affect employees at each of those locations.

Gerdau has 20 steel mills in North America, including one in Petersburg.
The company says the acquisition of Cycle Systems will expand its presence in the Mid-Atlantic, and provide more scrap for its operations in the region.

“This purchase supports our goal to minimize billet cost by having scrap sources closer to our steel mills.” Guilherme G. Johannpeter, president of Gerdau’s North American long steel division, wrote in a news release. “It will be a great advantage for our mill in Petersburg, Va., and other nearby operations.”

“We look forward to adding Cycle Systems to our existing network of scrap processing locations,” Matt Yeatman, vice president of metallics and raw materials at Gerdau’s North American long steel division wrote in a news release. “In addition to supporting our sourcing strategy, it will also grow our commitment to sustainability and the Petersburg community.”

Our efforts to reach officials of Cycle Systems were unsuccessful Friday morning.

Check back soon for more updates.