Nucor Acquires Over 96% of Harris Steel Group Inc. Shares
CHARLOTTE, N.C. and TORONTO, March 2: Nucor Corporation ("Nucor") (NYSE:NUE) and Harris Steel Group Inc. ("Harris Steel") (TSX: HSG) announced that as of 12:30 a.m. (Toronto time) on March 2, 2007, 25,998,212 common shares of Harris Steel, including shares deposited by guaranteed delivery, were deposited to the offer (the "Offer") made by a wholly owned indirect subsidiary of Nucor, to acquire all of the issued and outstanding common shares of Harris Steel for C$46.25 in cash per Harris Steel common share.
All of the conditions of the Offer were satisfied prior to the expiration of the Offer, and Nucor has taken up all of the Harris Steel common shares that were validly deposited to the Offer. Payment for such Harris Steel common shares in the amount of C$1,202,417,305 is expected to be made as soon as practicable and in any event by no later than Wednesday, March 7, 2007. Nucor now beneficially owns 25,998,212 common shares of Harris Steel or over 96% of the issued and outstanding common shares of Harris Steel.
In accordance with its stated purpose of acquiring all of the outstanding shares of Harris Steel, Nucor intends, as soon as permitted, to exercise its right to acquire the remaining Harris Steel common shares by means of a statutory compulsory acquisition under Section 188 of the Business Corporations Act (Ontario).
Nucor and Harris Steel have agreed to cooperate to enable Nucor to elect or appoint as soon as possible, and from time to time as Nucor may acquire additional shares of Harris Steel, such number of directors of Harris Steel as is proportionate to Nucor's percentage shareholdings of Harris Steel.
Upon completion of the steps to acquire the remaining outstanding Harris Steel common shares, Nucor intends to delist the shares from the Toronto Stock Exchange and to cause Harris Steel to cease to be a reporting issuer.
Harris Steel has several business units: Harris Rebar, which is involved in the fabrication and placing of concrete reinforcing steel and the design and installation of concrete post-tensioning systems; Laurel Steel, which is a manufacturer and distributor of wire and wire products, welded wire mesh and cold finished bar; and Fisher & Ludlow, which is a manufacturer and distributor of heavy industrial steel grating, aluminum grating and expanded metal. These operations serve customers throughout Canada and the United States. Harris Steel also participates in steel trading on a worldwide basis through Novosteel (owned 75% by Harris), and in the distribution of reinforcing steel and allied products to customers in the United States through Harris Supply Solutions. Harris Steel employs approximately 3,000 people throughout its organization.
Nucor and affiliates are manufacturers of steel products, with operating facilities in nineteen states. Products produced are: carbon and alloy steel - in bars, beams, sheet and plate; steel joists and joist girders; steel deck; cold finished steel; steel fasteners; metal building systems; and light gauge steel framing. Nucor is the largest recycler in the United States.
Source: Nucor Corporation; Harris Steel Group Inc.
CONTACT: Nucor Executive Offices, +1-704-366-7000, or fax,
+1-704-362-4208; or John Harris, CEO and Chairman, +1-905-662-0611, or
+Flora
Wood, Investor Relations, +1-416-590-9547, or toll free, +1-866-585-0089, or flora@harrissteel.com, both of Harris Steel Group Inc.
Web site: http://www.nucor.com/
