Steel Technologies LLC, based in Louisville, Ky., has signed a Memorandum of Understanding to acquire the business and certain assets of NuPro Steel, LLC, a wholly owned subsidiary of Nucor Corp. Steel Technologies expects to complete the acquisition by April 2011, subject to the execution of a definitive purchase agreement.
NuPro is a flat-rolled steel processor located adjacent to Nucor’s facility in Crawfordsville, Ind. The 230,000-square-foot operation will expand Steel Technologies’ North American platform to 24 facilities, including joint-venture operations throughout the United States, Canada and Mexico.
“This facility is well equipped with a strong operating team, and it strategically expands our Midwest footprint,” says Michael Carroll, president and CEO of Steel Technologies. "Currently focused on toll processing, we plan to broaden NuPro’s processing capabilities and end market focus.”
Steel Technologies is owned as a 50-50 joint venture between Nucor Corp. and Mitsui & Co. (U.S.A.), Inc., a wholly owned subsidiary of Mitsui & Co. Ltd.
Steel Technologies Plans to Acquire Nupro Steel
Company expects to complete the deal by April 2011.