Nucor forms joint venture with Sidenor
Nucor Corporation announced the signing of a Memorandum
of Understanding with Sidenor S.A. to acquire a 34% share of a new joint
venture which will be formed for the production and distribution of long
steel products and plate in the Balkans, Turkey, Cyprus and North Africa.
The contemplated joint venture will include all of the steelmaking and
related activities of Sidenor, excluding the activities and assets of
Corinth Pipe Works.
Final agreement to establish the joint venture company is dependent on
completion of appropriate due diligence, approval of appropriate regulatory
bodies and approval of the boards of directors of both companies.
Sidenor is the largest producer of steel in Greece with additional steelmaking,
rolling and reinforcing mesh operations in Bulgaria and the Former Yugoslavian
Republic of Macedonia (FYROM). The main steel plants are located in Thessaloniki
and Almyros (Sovel) in Greece, in Pernik, Bulgaria (Stomana Industry)
and in Dojran, FYROM (Dojran Steel).