"We are pleased to welcome the 335 teammates at Independence Tube to the Nucor family," Nucor chairman and chief executive John Ferriola said in a statement on Tuesday.

"This is a great acquisition for Nucor, giving us another growth platform and enhancing our position as the most comprehensive provider of steel solutions to the construction and infrastructure markets."

According to Nucor, Independence Tube holds the second-largest slice of the hollow structural sections market and sells its products primarily through service centers. The company produces about 600,000 tons annually.

Nucor said it has named Doug Jellison as president of the business, now called Nucor Tubular Products. Jellison previously served as vice president of corporate strategic planning for Nucor.