Nucor takes over Birmingham Steel

Nucor takes over Birmingham Steel

Nucor Corporation, the largest steel producer of U.S., announced on May 30, 2002 that they signed a definitive agreement with Birmingham Steel. This agreement allows Nucor the acquisition of $615 million in cash, Birmingham Steel's all assets. The Vice Chairman of Nucor expressed that they are expecting this transaction to be accretive to Nucor shareholders within 12 months and that with the closing of Birmingham steel and transition to seamless production Nucor is preparing to welcome the current employees, vendors and customers of Birmingham Steel into the Nucor family. Nucor and affiliates have facilities operating in ten states and their productions are; carbon and alloy steel -- in bars, beams, sheet and plate; steel joists and joist girders; steel deck; cold finished steel; steel fasteners; metal building systems; and light gauge steel framing. Nucor believes that their forward looking statement is based on reasonable assumptions however it is also very much subject to other factors such as general economic conditions; market demand for steel products; U.S. and foreign trade policies affecting steel imports or exports.