CHARLOTTE, N.C. (AP) - Steel recycler Nucor Corp. said Thursday that it
completed its $605 million acquisition of a steel distribution unit of
ArcelorMittal, expanding its reach in the North American construction
Skyline Steel LLC is now a subsidiary of Nucor, but will keep its
headquarters in Parsippany, N.J. Nucor said it expects the addition to boost
its profit in the first full fiscal year of ownership.
Skyline has been a Nucor distributor for more than 20 years. It makes
different kinds of steel used in the construction industry, including for
bridges, underground parking garages and highways. It primarily supplies
customers in North America and the Caribbean.
Nucor, a scrap processor, also makes steel products used in construction.
Skyline will also retain exclusive rights to distribute ArcelorMittal’s
piling and foundation products in North America and the Caribbean, Nucor
Nucor shares fell 33 cents to $37.90 in morning trading. They have traded in
a 52-week range of $29.82 to $45.75 per share.