Nucor Completes Purchase of Connecticut Steel Assets
May 2, 2006
May 2, 2006 — Nucor Corp. announced that its wholly owned subsidiary, Nucor Steel Connecticut, Inc., has completed its purchase of substantially all of the assets of Connecticut Steel Corp. for a cash purchase price of approximately $43 million. The deal is subject to post-closing adjustments.
"Connecticut will be a good addition and will offer a complementary product offering to our existing bar products group in the construction services segment," said Dan DiMicco, Nucor's Vice Chairman, President and CEO. "We are proud to have the Nucor Steel Connecticut team as part of the Nucor family."
"The addition of Connecticut will allow our bar products group to increase its product offerings to existing customers and enhance our abilities to grow into new product offerings. Specifically, we will be able to enhance our wire rod products to support our customers in that market segment. In addition, we will be able to offer wire mesh and structural mesh to our construction products customers as well as enhancing and expanding our production of coiled rebar," said Mike Parrish, Executive Vice President of Nucor.
Nucor and its affiliates manufacture steel products, with operating facilities in seventeen 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.
Located in Wallingford, Conn., the former Connecticut Steel bar products mill has an annual capacity of approximately 300,000 tons of wire rod and rebar and approximately 85,000 tons of wire mesh fabrication and structural mesh fabrication.