Nucor to Acquire Plate Mill in Texas

News provided by

Jul 20, 2016, 04:30 ET

CHARLOTTE, N.C., July 20, 2016 /PRNewswire/ -- Nucor Corporation (NYSE: NUE) announced today that it has agreed to acquire Joy Global's steel plate mill in Longview, Texas, for approximately $29 million. The mill produces carbon and alloy plate products with heat-treating capabilities and has an annual capacity of 180,000 tons.

"This acquisition builds on our strategy to capture a growing share of higher value-added plate products and complements the capabilities of our two existing plate mills," said John Ferriola, Chairman, CEO and President of Nucor. "The Longview mill will serve as a valuable addition to Nucor's plate product offerings, which we believe can be further leveraged by our Nucor commercial team."

The mill produces specialty plate products with the capability of producing plate that can range from 1 to 12 inches thick and up to 138 inches wide. Approximately 140 non-unionized teammates work at the Longview mill.

Nucor's existing plate mills are in North Carolina and Alabama and have a combined capacity of 2.9 million tons per year. Nucor's existing mills produce plate for manufacturers of barges, bridges, heavy equipment, rail cars, refinery tanks, ships, wind towers, armor and other markets. Nucor plate products are also used in the pipe and tube, pressure vessel, transportation and construction industries.

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 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.

SOURCE Nucor Corporation