Create a free Manufacturing.net account to continue

Nucor Buying Nelson Steel

Steelmaker's $54 million acquisition expands its wire mesh business.

CHARLOTTE, N.C. (AP) — Steelmaker Nucor Corp. said Thursday it agreed to buy Nelson Steel Inc. for $54 million to expand its wire mesh business.
 
New Salem, Penn.-based Nelson has about 80,000 tons of capacity and 120 workers. The deal is expected to close in the fourth quarter and grow earnings ''immediately,'' though Nucor did not say by how much.
 
The acquisition is ''a good growth opportunity for one of our existing downstream businesses and complements and expands our wire mesh businesses,'' said Mike Parrish, Nucor's executive vice president, referring to its Nucor Steel Connecticut and Harris Steel Group operations.
 
Nucor shares rose 54 cents to $54 in premarket trading.