Charlotte-based steelmaker Nucor will acquire facilities in Ohio and Georgia from Gerdau Long Steel. The deal is expected to close later this month.
The facilities manufacture cold drawn steel bars for steel service centers and other markets across the U.S., Nucor said in a statement Monday. The two sites have a combined production capacity of 75,000 tons a year.
Terms of the acquisition were not disclosed.
Nucor said the deal improves its geographic coverage and expands its range of products in the market segment.
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“(The acquisition) is another step in the execution of our strategy to produce higher-margin, value-added products and will be highly complementary to our existing cold finish operations,” John Ferriola, Nucor’s chairman, chief executive officer and president, said in the statement.
Nucor has its Charlotte headquarters in SouthPark, where it employs about 100 people. Nucor has been vocal about the influx of cheap steel imports that flood domestic markets and weigh on the company’s steel prices and margins.