April 18, 2005
Nucor Corp. has announced that it has entered into an agreement to purchase substantially all of the assets of Marion Steel Co. for a cash purchase price of approximately $113 million. Finalization of the acquisition will occur after satisfactory resolution of regulatory approvals, approval by Nucor's board of directors, transfer of appropriate permits and other contracts, and other closing conditions.
The Marion Steel Co., a bar products mill located in Marion, Ohio, has an annual capacity of approximately 400,000 tons. The company's principal products are angles, flats, rebar, rounds, and signposts.
The transaction should be complete by mid-June of this year.