North Star Kingman mill acquired by Nucor

North Star Kingman mill acquired by Nucor

With yesterday's announcement, Nucor Corporation confirmed completion of the Kingman mill purchase by its subsidiary Nucor Steel Kingman LLC. Hence the Arizona based long products mill Kingman's substantially all of the operating assets are taken over by Nucor Steel Kingman LLC against $ 35 million. This purchase price does not include working capital, according to the statement by Nucor. North Star Steel Co. decided to close down this facility due to its inefficient financial performance in the previous months. The facility has an annual melting capacity of 650'000 tons however the meltshop has not been in operation since January 2000. The annual rolling capacity at the mill is over 500'000 tons. Nucor, the largest steel producer and recycler in the US, plans to immediately start discussions with local authorities and potential suppliers to turn the plant into a profitable operation.