US-based steel producer Nucor Corporation has announced that it has completed the acquisition of global steel giant ArcelorMittal's steel foundation distributor subsidiary Skyline Steel LLC and its affiliates for a total consideration of approximately $605 million.
According to Nucor's statement, Skyline Steel is now a wholly-owned subsidiary of Nucor Corporation and will maintain its headquarters in Parsippany, New Jersey. Nucor expects the acquisition to increase earnings per share in the next full fiscal year of ownership.
As SteelOrbis previously reported, ArcelorMittal will continue to provide Skyline Steel with sheet piling and wear resistant products.
Skyline Steel, which offers a wide range of steel products including hot rolled and cold formed sheet piles, H-piles and pipe piling, distributes high quality products in the US, Canada, Mexico and the Caribbean.