Nucor to form joint venture
Nucor Corporation has entered into an agreement
with Mitsui & Co., Inc., a wholly owned subsidiary of Mitsui & Co.,
Ltd., wherein each would indirectly own a 50 percent interest
in a newly created company, NuMit LLC.
NuMit will invest in various steel and steel related activities,
both in North America and globally. Coinciding with the formation
of NuMit will be its first investment, Steel Technologies LLC,
which will own all of the assets, operations and business currently
held by Mitsui in Steel Technologies, Inc. Closing of the transaction
will occur after satisfactory resolution of regulatory approvals
and other closing conditions.
Nucor’s previously announced plans to construct a greenfield
flat rolled processing center in Monterrey, Mexico will be implemented
by Steel Technologies LLC. The processing center is expected
to include pickling, slitting and cut-to-length capabilities
to serve customers in Mexico.