HSS is used in a broad array of structural and mechanical applications including nonresidential construction, infrastructure, and heavy equipment end-use markets. Southland Tube has one facility located in Birmingham, Alabama, which is well situated to serve the HSS market. Approximately 280 non-unionized teammates work at the Birmingham facility. With annual shipments of about 240,000 tons, Southland Tube has the third largest market share in HSS steel tubing.
Through the acquisitions of Independence Tube and Southland Tube, Nucor is building a market leadership position in the HSS steel tubing market and providing an additional channel to market for Nucor's sheet steel mills. In 2006, 8% of Nucor's total steel mill shipments were to our downstream businesses. The company expects that number to grow to about 20% with these acquisitions.
Nucor is North America's most comprehensive provider of steel solutions to the construction and infrastructure markets with leadership positions in plate, bar and structural steels, as well as joist, decking, metal buildings and rebar fabrication. The addition of this HSS steel tubing capacity to its product portfolio further differentiates Nucor from its steel competitors as the leader in providing solutions to its customers.
Nucor and its affiliates are manufacturers of steel products, with operating facilities primarily in the U.S. and Canada. Products produced include: carbon and alloy steel -- in bars, beams, sheet and plate; hollow structural section tubing; steel piling; steel joists and joist girders; steel deck; fabricated concrete reinforcing steel; cold finished steel; steel fasteners; metal building systems; steel grating; and wire and wire mesh. Nucor, through The David J. Joseph Company, also brokers ferrous and nonferrous metals, pig iron and HBI/DRI; supplies ferro-alloys; and processes ferrous and nonferrous scrap. Nucor is North America's largest recycler.
Certain statements contained in this news release are "forward-looking statements" that involve risks and uncertainties. The words "believe," "expect," "project," "will," "should," "could" and similar expressions are intended to identify those forward-looking statements. Factors that might cause the Company's actual results to differ materially from those anticipated in forward-looking statements include, but are not limited to: (1) competitive pressure on sales and pricing, including competition from imports and substitute materials; (2) the sensitivity of the results of our operations to prevailing steel prices and the changes in the supply and cost of raw materials, including scrap steel; (3) market demand for steel products; and (4) energy costs and availability. These and other factors are discussed in Nucor's regulatory filings with the Securities and Exchange Commission, including those in Nucor's fiscal 2015 Annual Report on Form 10-K, Item 1A. Risk Factors. The forward-looking statements contained in this news release speak only as of this date, and Nucor does not assume any obligation to update them.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/nucor-to-acquire-southland-tube-300373561.html
SOURCE Nucor Corporation