US-based Nucor Corporation has announced that the US Federal Trade Commission has approved its $770 million acquisition of Gallatin Steel Company, with the transaction expected to be closed in approximately 10 days.
"This acquisition is an important step in the execution of our company's strategy for profitable growth by enhancing Nucor's current position serving flat rolled customers in the growing pipe and tube segment. It also further strengthens one of our competitive advantages - reliability for our customers," said Nucor CEO John Ferriola.
In September this year, global steel giant ArcelorMittal and Brazilian steelmaker Gerdau jointly announced that they had entered into a definitive transaction agreement to sell their respective 50 percent interests in Gallatin Steel to Nucor Corporation.