Nucor Corp. announced that its purchase of substantially all of the assets of Trico Steel Co., LLC has been approved by the Delaware Bankruptcy Court. Closing of the transaction should occur in the third quarter of 2002, after satisfactory resolution of various regulatory and tax matters.
The announcement comes after several unsecured creditors have filed complaints with Nucor’s plan to acquire the idled facility. http://www.recyclingtoday.com/news/news.asp?Id=1801
``Timing for the closing is dependent primarily upon the resolution of matters related to the air permit. During this delay, we will undertake the engineering work required to correct and improve the operating equipment,'' said Dan DiMicco, Nucor's vice chairman, president and CEO. ``Start-up will commence after we have completed the improvements to the facility.''
In an exclusive interview with Recycling Today last year DiMicco touched on the possibility of acquiring Trico, as well as other opportunities for his company (See The Heat is On, July 2001 ).
The TRICO sheet steel mill facility, which originally began operations in 1997, is located in Decatur, Ala., and has an annual capacity of approximately 1.9 million tons.