Nucor to Acquire Independence Tube Corp.

HSS is used in a broad array of structural and mechanical applications including nonresidential construction, infrastructure, and agricultural and construction equipment end-use markets. ITC has the second highest market share in HSS, selling its products primarily through service centers, which are also an important channel to market for Nucor. ITC is primarily a producer of HSS and does not focus on products for energy or other pipe and tube segments. The addition of ITC to Nucor’s portfolio will allow Nucor to offer a wider selection of products to its fabricator and service center customers and strengthens the company’s presence in the key nonresidential construction market.

ITC and Nucor are highly complementary. Nucor is installing a large diameter tube mill at an existing facility in Iuka, Mississippi. Adding large size HSS to ITC’s already comprehensive product line will create the widest product offering in North America for HSS solutions. Nucor is North America’s most comprehensive provider of steel solutions to the construction and infrastructure markets with leadership positions in plate, bar and structural steels, as well as joist, decking, metal buildings and rebar fabrication. The addition of HSS further differentiates Nucor from its steel competitors as the leader in providing solutions to its customers.

ITC operates four strategically located state-of-the-art facilities in Illinois and Alabama that annually produce roughly 600,000 tons and employ approximately 335 teammates. ITC purchases hot-rolled coil from suppliers to produce its HSS steel tubing. The company’s manufacturing plants are located in close proximity to Nucor’s sheet mills in Decatur, Alabama; Crawfordsville, Indiana; and Ghent, Kentucky.

Nucor and its affiliates are manufacturers of steel products, with operating facilities primarily in the U.S. and Canada. Products produced include: carbon and alloy steel — in bars, beams, sheet and plate; steel piling; steel joists and joist girders; steel deck; fabricated concrete reinforcing steel; cold finished steel; steel fasteners; metal building systems; steel grating; and wire and wire mesh. Nucor, through The David J. Joseph Company, also brokers ferrous and nonferrous metals, pig iron and HBI/DRI; supplies ferro-alloys; and processes ferrous and nonferrous scrap. Nucor is North America’s largest recycler.

(Source: Nucor Press Release)