Have Assets for Sale? Nucor Might Be Interested in Hearing From You
10/26/2015 - With access to more than $3 billion in cash in credit, Nucor Corp. is in a good position to make opportunistic acquisitions in a challenging market, CEO John Ferriola said on 26 October.
Speaking at CRU's North American Steel 2015 conference in Chicago, Ill., USA, Ferriola said the company is sitting on $1.8 billion to $1.9 billion in cash and has access to about $1.5 billion in credit, as of the end of the third quarter. "That's a very strong position to be in," he commented. "We feel we're a very sustainable company."
Nucor has a history of investing in lean times, and although Ferriola didn't say there was a deal in the offing, the company would consider opportunities that present themselves, even if overseas, he said. "If we find those opportunities in other countries, and we feel it's a good opportunity at a good price, we'll be all over it," Ferriola said.
On another front, Ferriola said that he believes steel has a major advantage over aluminum in the automotive markets -- the material can't compete with steel on lifecycle costs. "Having said that, we need to continue to work with our customers to make sure we understand what their needs are." Those needs, he said, will be for steel that is stronger, lighter and more formable.
Nucor has a history of investing in lean times, and although Ferriola didn't say there was a deal in the offing, the company would consider opportunities that present themselves, even if overseas, he said. "If we find those opportunities in other countries, and we feel it's a good opportunity at a good price, we'll be all over it," Ferriola said.
On another front, Ferriola said that he believes steel has a major advantage over aluminum in the automotive markets -- the material can't compete with steel on lifecycle costs. "Having said that, we need to continue to work with our customers to make sure we understand what their needs are." Those needs, he said, will be for steel that is stronger, lighter and more formable.
