Nucor to Purchase Assets of Marion Steel
Nucor Corp. (Charlotte, N.C.; http://www.nucor.com) entered into an agreement to purchase substantially all of the assets of Marion Steel Co. (Marion, Ohio) for a cash purchase price of approximately $113 million. Finalization of the acquisition will occur after satisfactory resolution of regulatory approvals, approval by Nucor's board of directors, transfer of appropriate permits and other contracts, and other closing conditions. Marion Steel has an annual capacity of approximately 400,000 tons, and principal products are angles, flats, rebar, rounds and signposts. The transaction, which should be completed by mid-June of this year, is expected to be immediately accretive to earnings.