Nucor Corp. has signed a Memorandum of Understanding with the Duferco Group, based in Switzerland, to establish a 50/50 joint venture to produce beams in Italy and distribute beams in Europe and Africa.
The joint venture is expected to be established by the middle of this year. The deal will encompass Duferco Group's Duferdofin subsidiary and associated distribution companies.
The Duferco Group's wholly owned subsidiary, Duferdofin, produces beams in Italy and South Europe. Production totals more than 900,000 metric tons last year. Additionally, a new merchant bar mill is under construction in Italy and is expected to be complete by the third quarter of this year.
Nucor produces around 3 million tons of steel beams in North America.
Dan DiMicco, Nucor's CEO and chairman, said that the company has been looking to get into the international steel production business through joint ventures. The two companies have been working with Duferco to develop a proper deal.
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