Nucor Corp. has entered into agreement to acquire 50% of joint venture Duferdofin-Nucor Srl for approximately $658 million. The joint venture, which is being formed by Nucor and Duferco SA (Switzerland), will produce beams and other long products in Italy and distribute them in Europe and North Africa. In addition to Duferco’s existing production facilities, a new merchant bar mill is under construction in Giamorro, Italy. The companies said the new mill is expected to be operational in late 2008. The transaction is expected to close during the third quarter of 2008.
Nucor has also signed a Memorandum of Understanding with Sidenor SA to purchase a 34% share of a new joint venture the companies are to form for the production and distribution of long steel products and plate in the Balkans, Turkey, Cyprus and North Africa. Sidenor operates steel plants in Thessaloniki and Almyros in Greece. The company has additional steelmaking, rolling and reinforcing mesh operations in Bulgaria and the former Yugoslavian Republic of Macedonia. The largest steel producer in Greece, Sidenor’s total steel production was nearly 2 million tons in 2007.
Nucor Moves Forward on Beams Venture
May 15, 2008