US-based steel producer Nucor Corporation has announced that it has agreed to acquire US-based Independence Tube Corporation (ITC), a leading independent manufacturer of hollow structural section (HSS) steel tubing, for $435 million.
ITC is primarily a producer of hollow structural section (HSS), which is used in a broad array of structural and mechanical applications including nonresidential construction, infrastructure, and agricultural and construction equipment end-use markets. The addition of ITC to Nucor's portfolio will allow Nucor to offer a wider selection of products to its fabricator and service center customers and strengthens the company's presence in the key nonresidential construction market.