United States | US corporations Nucor and Mitsui have set up a joint venture whereby each indirectly owns a 50% interest in newly-created NuMit LLC which will invest in various steel and steel-related activities both in North America and globally.
NuMit’s first investment will be Steel Technologies LLC; it will own all of the assets, operations and business currently held by US-Japanese Mitsui in Steel Technologies, Inc.
Steel Technologies, which operates 23 sheet processing facilities throughout the USA, Canada and Mexico, will continue to operate as an independent unit with the existing management team maintaining responsibility for the performance of the business. This management structure will allow Nucor to continue its long-standing supply chain relationships with other sheet processing companies while at the same time allowing Steel Technologies the ability to manage its supply needs independently.
Nucor’s previously-announced plan to construct a greenfield, flat rolled processing centre in Monterrey, Mexico, will be implemented by Steel Technologies LLC. The processing centre is expected to include pickling, slitting and cut-to-length capabilities to serve customers in Mexico.
Nucor’s CEO and Chairman Dan DiMicco comments: ‘For several years, Nucor has stressed the importance of finding the right partners to grow with internationally. Mitsui fits that criterion and will complement Nucor’s other growth efforts. The excellence of both companies, Mitsui’s global market experience and Nucor’s operational and technological expertise will allow us to seize opportunities that may not otherwise exist.’
Acknowledgement
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