Nucor Completes Deal for Birmingham Steel

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.