Nucor Completes Acquisition of Independence Tube Corporation

CHARLOTTE, N.C., Nov. 1, 2016 - Nucor Corporation (NYSE: NUE) announced today that it has closed on its acquisition of Independence Tube Corporation for approximately $435 million.

"We are pleased to welcome the 335 teammates at Independence Tube to the Nucor family," said John Ferriola, Chairman, CEO and President of Nucor Corporation. "This is a great acquisition for Nucor, giving us another growth platform and enhancing our position as the most comprehensive provider of steel solutions to the construction and infrastructure markets."

Independence Tube is a leading manufacturer of hollow structural section (HSS) steel tubing, which is used in a broad array of structural and mechanical applications including nonresidential construction, infrastructure, and agricultural and construction equipment end-use markets. Independence Tube 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 products.

Doug Jellison will serve as President of Nucor Tubular Products. Jellison previously served as Vice President of Corporate Strategic Planning for Nucor.

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 Corporation

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