Nucor Corp. has entered into an agreement to purchase substantially all of the assets of Qualitech Steel SBQ LLC for USD 37 million. The purchase agreement is subject to satisfactory resolution by Nucor of due diligence, regulatory approvals, tax matters, and utility, equipment and other contracts. Nucor is also in discussions with Mitsubishi Corp. concerning an equity participation in the venture. Mitsubishi would assist in providing technology to allow the venture to quickly produce high-quality special bar quality steel suitable for the most demanding applications. The Qualitech SBQ Bar Mill facility, which originally began operations in 1998, is located in Pittsboro, Indiana, USA, and has an annual capacity of approximately 500,000 tons. The timing for start-up of the facility will depend upon how quickly regulatory approvals can be obtained.
