The Delaware Bankruptcy Court approved the sale of substantially all of the assets of Birmingham Steel Corp. to Nucor Corp.
This past May Nucor signed a definitive agreement to purchase substantially all of the assets of Birmingham Steel for $615 million in cash. Primary assets to be included in the purchase are Birmingham Steel's four operating mills in Birmingham, Ala.; Kankakee, Ill.; Seattle, Wash.; and Jackson, Miss, with an estimated combined annual capacity of approximately 2 million tons.
Other included assets are the corporate office located in Birmingham; the mill in Memphis, Tenn., which is currently not operating; the assets of Port Everglades Steel Corp.; the assets of the Klean Steel Division; and Birmingham Steel's ownership in Richmond Steel Recycling Ltd. The purchase also includes about $120,000,000 in inventory and receivables.