Nucor Corporation Declared Acquisition of Steel Structures Manufacturer

SEATTLE (Scrap Monster): Charlotte, N.C.-based Nucor Corporation announced that it has reached an agreement to acquire the Summit Utility Structures LLC and related company, Sovereign Steel Manufacturing LLC- leading producers of metal poles and other steel structures. Further to closing of the transaction, the companies will become part of a new business unit, Nucor Towers & Structures.

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The market for utility infrastructure is projected to witness accelerated growth in coming years. The highway signage market is also likely to benefit from recently signed federal infrastructure bill. Although, the acquired companies mainly serve the Northeast part of the country, Nucor plans to establish a nation-wide footprint capable of servicing all customers throughout the entire North American region.

Commenting on the deal, Leon Topalian, President and Chief Executive Officer of Nucor Corporation said that the acquisitions continue to position Nucor as the leader in steel and downstream steel products. The businesses fit well into its strategy to acquire companies directly connected to its industry or offer significant growth opportunities in future. Nucor intends to grow these businesses to become the leading solutions provider for utility and highway signage markets, he added.