Nucor Corp completes the agreement with Harris Steel

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.