Nucor Corp. has entered into an agreement to purchase substantially all of the assets of Marion Steel Co. for a cash purchase price of approximately $113 million.

Strategically located in Marion, Ohio, the 400,000 tons per year bar products mill is in close proximity to 60% of the steel consumption in the United States. The company's principal products are angles, flats, rebar, rounds and signposts.

"Marion represents an excellent addition and complement to Nucor's existing bar products group. We are looking forward to the addition of the Marion operations and team to our Nucor family," said Dan DiMicco, Nucor's Vice Chairman, President and CEO.

"We believe the combination of Marion into the Nucor bar mill group will enhance the level, reliability and quality of service to our combined customers," said Mike Parrish, Executive Vice President of Nucor. "We are excited to continue to expand our product offering and geographic reach through this acquisition."

Finalization of the acquisition will occur after satisfactory resolution of regulatory approvals, approval by Nucor's Board of Directors, transfer of appropriate permits and other contracts, and other closing conditions. The transaction, expected to be complete by mid-June of this year, is expected to be immediately accretive to earnings.

Nucor and affiliates manufacture steel products, with operating facilities in fifteen 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. Nucor is the nation's largest recycler.