Nucor Corp. entered into an agreement to purchase Hannibal Industries Inc. for $370 million. The company provides racking solutions to warehouses and serves the e-commerce, industrial, food-storage and retail segments. Hannibal Industries has manufacturing facilities in Los Angeles and Houston, as well as three distribution centers. It utilizes sheet and bar steel, as well as steel decking, wire deck and fasteners to produce its racking solutions. In addition to manufacturing racking solutions, Hannibal Industries offers turnkey services such as installation, procurement and facility integration.

According to Nucor, the acquisition broadens its offering to the fast-growing warehouse channel and complements its current product capabilities, including beams, joists and deck, metal buildings and insulated metal panels.