Nucor to Buy Majority Stake in California Steel
December 13 2021 - 7:22AM
Dow Jones News
By Matt Grossman
Nucor Corp. has reached deals to buy a majority stake in
California Steel Industries Inc.
Nucor said Monday it will amass the position by buying a 50%
equity interest in California Steel from a subsidiary of Vale S.A.,
plus a 1% equity stake from JFE Steel Corp.
California Steel Industries will be a joint venture between
Nucor and JFE when the deal is completed.
Nucor said it will pay $400 million in cash to Vale for the 50%
stake.
The deal will give Nucor a strong presence on the West Coast and
expand its geographic reach, Nucor Chief Executive Leon
Topalian.
Write to Matt Grossman at matt.grossman@wsj.com
(END) Dow Jones Newswires
December 13, 2021 08:07 ET (13:07 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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