Nucor to Purchase Connecticut Steel Assets
Nucor Corp. (Charlotte, N.C.; http://www.nucor.com) entered into an agreement to purchase substantially all the assets of Connecticut Steel Corp. for a cash purchase price of approximately $43 million, subject to post-closing adjustments. Finalization of the acquisition will occur after satisfactory resolution of regulatory approvals, transfer of appropriate permits and operating contracts, and other closing conditions. The transaction is expected to be complete in early May 2006. Located in Wallingford, Conn., the 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.