Nucor Corporation has announced that it will exit the business of fabricating light gauge steel framing and therefore will close its Nuconsteel division.
Nuconsteel has operations in Denton, Texas, and Dallas, Georgia. Nucor entered the residential and commercial light gauge steel framing business in November 2001 with the acquisition of Itec Steel, Inc, which became Nuconsteel shortly after. Nucor expects to close Nuconsteel's facilities in the spring of 2012, after meeting current customer contractual obligations.
"This decision was a very difficult one due to the impact it has on our employees at Nuconsteel. We continually evaluate our business segments for long-term strategic fit and earnings potential. The fabrication of residential and commercial light gauge steel framing does not offer the returns or scale necessary for Nucor to remain in the business," said Dan DiMicco, Nucor's Chairman and Chief Executive Officer.