Chesterton Tribune

Nucor completes $605M deal for Skyline Steel

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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 industry.

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 said.

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.

 

 

Posted 6/21/2012