Nucor Corporation (NUE) has signed a Stock Purchase Agreement to acquire the membership interests of Skyline Steel LLC and its subsidiaries from ArcelorMittal, for approximately USD 605 million. Skyline Steel will be a wholly owned subsidiary of Nucor Corporation and will maintain its headquarters in Parsippany, New Jersey.
Daniel R. DiMicco, Chairman and CEO of Nucor Corporation had this to say about the acquisition. “We are extremely excited to announce the acquisition of a company that has been a leading partner in growth in piling production for the last 20 years. With its considerable distribution network, excellent customer service and strong technical support, Skyline is well positioned to continue to grow in the piling and foundation products area in North America. The Skyline organization has been a distributor of Nucor’s piling products for more than two decades. Now, more than ever, they will help drive our success from within the Nucor family. Skyline is a significant consumer of H-piling and hot rolled sheet piling from Nucor-Yamato Steel, and they will become a more valuable downstream consumer of Nucor’s coiled plate and sheet products. Skyline will also develop synergies with our other downstream operations by providing value-added solutions to the construction industry.”
Skyline Steel LLC is a premier steel foundation distributor serving the U.S., Canada, Mexico and the Caribbean. The company distributes high quality products to service the most challenging applications including marine construction, bridge and highway construction, heavy civil construction, storm protection, underground commercial parking, and environment containment projects in the infrastructure and construction industries.
Skyline has 21 sales offices and a robust infrastructure comprised of processing and fabrication facilities, dozens of stocking locations, an efficiently-coordinated supply chain, and exclusive engineering support. Skyline’s flagship products include hot rolled and cold formed sheet piles, H-piles and pipe piling. The company’s processing and fabricating capabilities include spiralweld pipe piling, rolled and welded pipe piling, cold formed sheet piling and threaded bar in Pennsylvania, Mississippi, Ohio, Illinois and Washington.