RTTNews | Dec 13, 2021 07:48AM EST

07:48 Monday, December 13, 2021 (RTTNews.com) - Nucor (NUE) has reached agreements to acquire a majority ownership position in California Steel Industries, Inc. by purchasing a 50% equity interest from a subsidiary of Vale S.A. and a 1% equity ownership stake from JFE Steel Corporation. The company will be a joint venture between Nucor and JFE. Nucor will pay a cash purchase price to Vale of $400 million for the 50% enterprise value.

California Steel Industries is a flat-rolled steel converter with the capability to produce more than two million tons of finished steel and steel products annually.

Leon Topalian, CEO of Nucor, said: "This acquisition will grow our portfolio of value-added sheet products, provide opportunities for increased internal shipments and enable us to provide our downstream businesses in the region such as Verco and Hannibal Industries with sheet steel products."

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