CHARLOTTE, N.C., Nov. 9, 2015 /PRNewswire/ -- Nucor Corporation
(NYSE: NUE) announced today that it has agreed to acquire Gerdau
Long Steel's Bright Bar assets located in Orrville, Ohio, and Cartersville, Georgia, for an undisclosed
amount. The facilities manufacture cold drawn steel bars for
steel service centers and other markets across the U.S. and have a
combined production capacity of 75,000 tons per year. The
acquisition is expected to close later this month.
"This acquisition advances Nucor's strong competitive position
in cold finished bar and increases our downstream participation in
this important channel to market," said John Ferriola, Chairman, CEO and President of
Nucor. "It is another step in the execution of our strategy to
produce higher-margin, value-added products and will be highly
complementary to our existing cold finish operations."
This acquisition improves our geographic coverage and expands
our range of products in this market segment.
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
expanded metal; 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 2014 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