Nucor Corporation has entered into an agreement with US group Mitsui & Co. to create a new steel company, NuMit LLC.
NuMit will invest in various steel and steel related activities in North America and globally. Coinciding with the formation of NuMit will be its first investment, Steel Technologies LLC, which will own all of the assets, operations and business currently held by Mitsui in Steel Technologies, Inc.
Steel Technologies operates 23 sheet processing facilities throughout the USA, Canada and Mexico. It will continue to operate as an independent unit with the existing management team maintaining responsibility for the performance of the business.
Nucor's plans 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 and Mitsui will each own a 50% share in NuMit.