Announced Thursday, Harris Steel Inc., a subsidiary of North Carolina-based Nucor Corp., has agreed to buy Ambassador Steel Corp. for $185 million.
Nucor will buy the Auburn, Indiana-based company as well as its Delta Erecting Inc. affiliate. The acquisition is expected to close by September, subject to regulatory approval.
Ambassador Steel, a large rebar fabricator, shipped 422,000 nt of fabricated rebar last year and distributed another 228,000 nt of reinforcing steel.
Daniel R. DiMicco, Nucor's CEO, told press, "The acquisition of Ambassador continues Nucor's downstream growth initiatives and is an opportunity to enhance Nucor's national footprint in the rebar fabrication market."