Nucor Corp. and Mitsui & Co. Inc. entered into an agreement in which each would indirectly own a 50% interest in NuMit LLC, a newly created company that will own and operate a flat-rolled steel processing network and other steel-related projects throughout North America. Mitsui USA will contribute Steel Technologies Inc., a wholly owned subsidiary, into NuMit LLC. Steel Technologies, which operates 23 sheet processing facilities throughout the U.S, Canada and Mexico, will serve as the foundation for NuMit.
Nucor announced that its wholly owned subsidiary, The David J. Joseph Company (DJJ), acquired the assets and business of Ocala Recycling LLC, which operates four facilities in Florida. The four yards produce over 100,000 tons of scrap annually. The addition of Ocala gives DJJ a total of 15 automobile shredders throughout its facilities. Since DJJ joined Nucor in March 2008, it has added approximately 1.1 million tons of scrap processing capacity and opened two greenfield yards.
Nucor, Mitsui to Form Steel Processing JV
March 8, 2010