"We are excited to officially welcome our Hannibal teammates as part of the Nucor team," said Giff Daughtridge, Nucor’s president of sheet and tubular products. "Adding steel racking solutions to our product portfolio expands our ability to serve our customers in the fast-growing warehouse and distribution market. This acquisition complements our existing product capabilities in this area," he said. 

The acquisition is one of two recent deals that have expanded Nucor’s downstream products business. The other was its US$1 billion purchase of Cornerstone Building Brands' insulated metal panels business. 

The Cornerstone deal was finalized earlier this month. 

Read the full press release here.