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.