Steel Technologies Plans To Acquire Nupro Steel, LLC
LOUISVILLE, Ky.–(BUSINESS WIRE)–Feb 17, 2011–LOUISVILLE, Ky. (February 16, 2011) – Steel Technologies LLC (Steel Technologies) today announced that it has signed a Memorandum of Understanding to acquire the business and certain assets of NuPro Steel, LLC (NuPro), a wholly owned subsidiary of Nucor Corporation (Nucor). Steel Technologies expects to complete the acquisition in April of this year, subject to the execution of a definitive purchase agreement.
NuPro is a flat-rolled steel processor and is located adjacent to Nucor’s facility in Crawfordsville, Indiana. This 230,000 square-foot operation will expand Steel Technologies’ North American platform to 24 facilities, including joint-venture operations, located throughout the U.S, Canada and Mexico.
“This facility is well equipped with a strong operating team and it strategically expands our Midwest footprint,” said Michael J. Carroll, President and CEO of Steel Technologies. “Currently focused on toll processing, we plan to broaden NuPro’s processing capabilities and end market focus.
“Steel Technologies, headquartered in Louisville, Kentucky, is one of the leading steel processors in North America, leveraging its broad geographic network of operations to deliver value-added products and services to customers. Steel Technologies processes flat-rolled steel to specific thickness, width, temper, finish and shape requirements for the automotive, appliance, lawn and garden, agriculture, construction, office furniture, hardware and consumer goods industries. Steel Technologies is owned as a 50-50 joint venture between Nucor Corporation, North America’s leading manufacturer of steel products, and Mitsui & Co. (U.S.A.), Inc., a wholly owned subsidiary of Mitsui & Co., Ltd., a diversified global investment and service enterprise based in Tokyo, Japan. More information about Steel Technologies can be found at www.steeltechnologies.com.