Nucor Corporation, based in Charlotte, NC, U.S., said today it completed the purchase of substantially all of the assets of Birmingham Steel Corporation for a cash purchase price of approximately U.S. $615,000,000.
Primary assets purchased are Birmingham Steel's four operating mills in Birmingham, AL, U.S.; Kankakee, IL, U.S.; Seattle, WA, U.S.; and Jackson, MS, U.S. The facilities have an estimated combined annual capacity of approximately 2,000,000 tons. Other included assets are the corporate office located in Birmingham, AL, U.S.; the mill in Memphis, TN, U.S., currently not in operation; the assets of Port Everglades Steel Corporation; the assets of the Klean Steel Division; and Birmingham Steel's ownership in Richmond Steel Recycling Limited. The purchase also includes approximately $120,000,000 in inventory and receivables.
"The addition of these assets will support our bar products strategy to broaden our base of customers and build profitable market share," said Dan DiMicco, Nucor's vice chairman, president and chief executive officer (CEO). "We welcome the employees, customers and vendors of Birmingham Steel into the Nucor family."
Nucor is the largest steel producer in the United States and is the nation's largest recycler. Nucor and affiliates are manufacturers of steel products, with operating facilities in fourteen states. Products produced are:
carbon and alloy steel - in bars, beams, sheet and plate
steel joists and joist girders
cold finished steel
metal building systems
light gauge steel framing
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