CHARLOTTE, N.C., Nov. 9, 2015 /PRNewswire/ -- Nucor Corporation (NYSE: NUE) announced today that it has agreed to acquire Gerdau Long Steel's Bright Bar assets located in Orrville, Ohio, and Cartersville, Georgia, for an undisclosed amount. The facilities manufacture cold drawn steel bars for steel service centers and other markets across the U.S. and have a combined production capacity of 75,000 tons per year. The acquisition is expected to close later this month.
"This acquisition advances Nucor's strong competitive position in cold finished bar and increases our downstream participation in this important channel to market," said John Ferriola, Chairman, CEO and President of Nucor. "It is another step in the execution of our strategy to produce higher-margin, value-added products and will be highly complementary to our existing cold finish operations."
This acquisition improves our geographic coverage and expands our range of products in this market segment.
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; steel piling; steel joists and joist girders; steel deck; fabricated concrete reinforcing steel; cold finished steel; steel fasteners; metal building systems; steel grating and expanded metal; 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 2014 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.
SOURCE Nucor Corporation