CHARLOTTE, N.C., Nov. 1, 2016 /PRNewswire/ -- Nucor
Corporation (NYSE: NUE) announced today that it has closed on its
acquisition of Independence Tube Corporation for approximately
$435 million.
"We are pleased to welcome the 335 teammates at Independence
Tube to the Nucor family," said John
Ferriola, Chairman, CEO and President of Nucor Corporation.
"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."
Independence Tube is a leading manufacturer of hollow structural
section (HSS) steel tubing, which is used in a broad array of
structural and mechanical applications including nonresidential
construction, infrastructure, and agricultural and construction
equipment end-use markets. Independence Tube has the second highest
market share in HSS, selling its products primarily through service
centers, which are also an important channel to market for Nucor
products.
Doug Jellison will serve as
President of Nucor Tubular Products. Jellison previously served as
Vice President of Corporate Strategic Planning for Nucor.
Nucor and its affiliates are manufacturers of steel products,
with operating facilities primarily in the U.S. and Canada.
Products produced include: carbon and alloy steel -- in bars,
beams, sheet and plate; steel piling; steel joists and joist
girders; steel deck; fabricated concrete reinforcing steel; cold
finished steel; steel fasteners; metal building systems; steel
grating; and wire and wire mesh. Nucor, through The David J.
Joseph Company, also brokers ferrous and nonferrous metals, pig
iron and HBI/DRI; supplies ferro-alloys; and processes ferrous and
nonferrous scrap. Nucor is North
America's largest recycler.
Certain statements contained in this news release are
"forward-looking statements" that involve risks and
uncertainties. The words "believe," "expect," "project,"
"will," "should," "could" and similar expressions are intended to
identify those forward-looking statements. Factors that might
cause the Company's actual results to differ materially from those
anticipated in forward-looking statements include, but are not
limited to: (1) competitive pressure on sales and pricing,
including competition from imports and substitute materials; (2)
the sensitivity of the results of our operations to prevailing
steel prices and the changes in the supply and cost of raw
materials, including scrap steel; (3) market demand for steel
products; and (4) energy costs and availability. These and
other factors are discussed in Nucor's regulatory filings with the
Securities and Exchange Commission, including those in Nucor's
fiscal 2015 Annual Report on Form 10-K, Item 1A. Risk
Factors. The forward-looking statements contained in this
news release speak only as of this date, and Nucor does not assume
any obligation to update them.
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SOURCE Nucor Corporation