Nucor deal with Birmingham Steel final

Nucor deal with Birmingham Steel final

Nucor Corporation made it official on May 21 that it finally signed a nonbinding letter of intent to buy Birmingham Steel Corporation for $615 million. Sources say that Nucor expressed its interest three months ago for the financially troubled Birmingham Steel who declared bankruptcy some time ago. The deal calls for Nucor take on an additional four mills with a combined capacity of two million tons per year. A final agreement is expected on May 31.