Nucor Acquisition Of Gallatin Steel Receives Regulatory Approval

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Oct 02, 2014, 09:00 ET

CHARLOTTE, N.C., Oct. 2, 2014 /PRNewswire/ -- Nucor Corporation (NYSE: NUE) is pleased to announce that the Federal Trade Commission has approved its $770 million acquisition of Gallatin Steel Company and the closing is expected in approximately ten days.

"We are excited to be able to begin the process of integrating Gallatin Steel and our new teammates into the Nucor family," said John Ferriola, Chairman, CEO and President of Nucor. "This acquisition is an important step in the execution of our company's strategy for profitable growth by enhancing Nucor's current position serving flat-rolled customers in the growing pipe and tube segment. It also further strengthens one of our competitive advantages – reliability for our customers."

Nucor and 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) 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; (2) market demand for steel products; (3) energy costs and availability; and (4) competitive pressure on sales and pricing, including competition from imports and substitute materials. These and other factors are discussed in Nucor's regulatory filings with the Securities and Exchange Commission, including those in Nucor's December 31, 2013 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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