Nucor to Purchase Corus Tuscaloosa Assets
06/08/2004 - Nucor Corp. has entered into an agreement to purchase substantially all of the steelmaking assets of Corus Tuscaloosa for a cash purchase price of approximately $90 million.
Nucor Corp. has entered into an agreement to purchase substantially all of the steelmaking assets of Corus Tuscaloosa for a cash purchase price of approximately $90 million.
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About Corus Tuscaloosa Built in 1985, Corus Tuscaloosa, Tuscaloosa, Ala., was the first US steel mill to employ Steckel mill technology to produce high quality wide plate from coil. In 1996 a melting and casting facility expansion and mill modernization increased its annual capacity to approximately 700,000 tons. Tuscaloosa manufactures pressure vessel steel coil, discrete plate and cut-to-length plate products. |
"We view Tuscaloosa as an excellent addition of niche products to offer to our commodity plate and coiled sheet customers. We are looking forward to the addition of the Tuscaloosa operations and their team to our Nucor family," said Dan DiMicco, Nucor's Vice Chairman, President and CEO. "This acquisition is expected to be immediately accretive."
"Our initial plans at our Hertford County, N.C., plate mill contemplated the future installation of coiled plate capability," said Joe Rutkowski, Executive Vice President of Nucor. "We are excited to now offer these products to our customers through this acquisition."
Finalization of the acquisition will occur after satisfactory resolution of regulatory approvals, tax matters and transfer of appropriate permits and other contracts.
Nucor and affiliates manufacture steel products, with operating facilities in fourteen states. Products include carbon and alloy steel bars, beams, sheet and plate; steel joists and joist girders; steel deck; cold finished steel; steel fasteners; metal building systems; and light gauge steel framing.
