Nucor, Ambassador Steel Announce JV

Nucor Corp. has entered into an agreement with Ambassador Steel Corporation to form Nufab Rebar LLC, a rebar fabrication joint venture that will grow through both greenfield projects and the acquisition of existing assets.

Nucor is the largest producer of rebar in the United States and is the nation's largest steel producer and recycler, with operating facilities in 14 states. Ambassador Steel is the largest independent rebar fabricator in the United States, with facilities in Illinois, Indiana, Iowa, Michigan, Minnesota, Missouri, Ohio and Wisconsin.

"This venture provides Nucor the opportunity to further grow our down stream integration from our bar mills into a value-added process," said Dan DiMicco, Nucor's vice chairman, president and CEO. "Last year, we established a very successful rebar fabrication joint venture with Harris Steel Group in the western and northeastern U.S. regions. Our joint venture with Ambassador Steel Corporation will allow us to expand our rebar fabrication presence into the other regions of the country. We are excited to form this partnership with a leader in the rebar fabrication industry, as Ambassador has built a very attractive business model based on its strengths in engineering, manufacturing and marketing. We look forward to a long and mutually rewarding relationship with Ambassador Steel."