Harris Steel, based in Toronto, Canada, has announced that it is involved in discussions with an as-yet unnamed company about the possible sale of the company.
While the company did not cite any particular company as the company they are in discussions with, several analysts note that the most likely party would be Nucor Steel. The company, which specializes in manufacturing reinforced steel bar, already has a business relationship with Nucor. Two years ago Nucor inked a deal whereby it acquired a 50 percent stake in Harris’s U.S. rebar business for $21 million. This area is a focus for Nucor going forward.
While Nucor appears to be the most likely potential buyer, published reports also note that other steel producers also could be possible acquirers. These include Gerdau Ameristeel and Commercial Metals, both leading U.S. rebar fabrication companies.