Nucor to acquire Connecticut Steel

Nucor Corp. announced Tuesday its agreement to acquire all of the assets of wire rod and mesh mill Connecticut Steel Corp. for approximately $43 million. Wallingford, Connecticut-based Connecticut Steel has the annual capacity of 300'000 nt of wire rod and rebar in coil, and approximately 85'000 nt annual capacity for wire and structural mesh fabrication. "The addition of Connecticut will allow our bar products group to increase its product offerings to existing customers and enhance our abilities to grow into new product offerings," said Nucor's Executive VP Mike Parish in a press release. "Specifically, we will be able to offer wire mesh and structural mesh to our construction products customers while also addressing our customers' desires to enhance and expand our production of coiled rebar." Finalization of the acquisition is pending satisfaction of regulatory approvals, transfer of permits and operating contracts, as well as other closing conditions. The deal is expected to close in May.