Nucor Corp completes the agreement with Harris Steel
Recent news in the market reveals that
US steel producer
Nucor Corp and Harris Steel have recently completed the agreement regarding the purchase of 50% share in reinforcing steel operations of Harris Steel by
Nucor Corp.
As previously reported by SteelOrbis,
Nucor and Harris Steel on January 26, 2004, revealed that this agreement was in preparation stage. Yesterday, they announced that the agreement is completed. In line with the agreement,
Nucor paid $21 million for the 50% share. However,
Nucor can pay an additional $6 million over the next five years depending on the operating results of the joint venture company.