Nucor Corporation announced Tuesday that it has entered into an agreement to acquire 50 percent of a new joint venture with Duferco S.A. that will produce beams in Italy and distribute beams in Europe and North Africa.
The joint venture, Duferdofin-Nucor, will include the Duferco Group's Italian long product production assets and associated distribution companies. Nucor is already the largest beam producer in North America, and with Duferco's existing Italian plants in San Zeno, Pallenzeno and Giamorro, Duferdofin-Nucor will be the largest beam producer in Italy and Southern Europe. Additional investments in the Italian operations are being considered by both companies.
Formation of Duferdofin-Nucor and finalization of Nucor's acquisition of the 50 percent stake will occur after satisfactory resolution of any regulatory approvals, the transfer of appropriate permits and other contracts and other closing conditions. The transaction is expected to close during the third quarter of 2008.