Nucor Corporation is set to acquire a majority ownership position in California Steel Industries, in a move that will strengthen the company’s presence on the West Coast.
A flat-rolled steel converter, California Steel Industries is able to produce more than two million tonnes of finished steel and steel products annually with its five product lines.
To acquire majority ownership, Nucor is purchasing a 50% equity interest for a subsidiary of Vale S.A. and a 1% equity ownership from JFE Steel Corporation (JFE).
Leon Topalian, President and CEO of Nucor Corporation, said, “Acquiring a majority ownership stake in California Steel Industries expands our geographic reach in sheet steel and gives us a strong presence on the West Coast.”
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