Nucor takes over Birmingham Steel
Nucor Corporation, the largest steel producer of U.S., announced on May 30, 2002 that they signed a definitive agreement with Birmingham Steel. This agreement allows
Nucor the acquisition of $615 million in cash, Birmingham Steel's all assets.
The Vice Chairman of
Nucor expressed that they are expecting this transaction to be accretive to
Nucor shareholders within 12 months and that with the closing of Birmingham steel and transition to seamless
production Nucor is preparing to welcome the current employees, vendors and customers of Birmingham Steel into the
Nucor family.
Nucor and affiliates have facilities operating in ten states and their productions are; carbon and alloy steel -- in bars,
beams, sheet and
plate; steel joists and joist girders; steel deck; cold finished steel; steel fasteners; metal building systems; and light gauge steel framing.
Nucor believes that their forward looking statement is based on reasonable assumptions however it is also very much subject to other factors such as general economic conditions; market demand for steel products; U.S. and foreign trade policies affecting steel imports or exports.