Nucor to invest $658M in steel venture with Duferco

Nucor Corp. has agreed to buy a 50 percent stake in Duferdofin-Nucor, a joint venture the steel manufacturer is creating with Switzerland's Duferco Group.

Nucor will pay $658 million for its equity stake in Duferdofin-Nucor.

Formation of Duferdofin-Nucor and finalization of the acquisition of the 50 percent stake will occur after regulatory approvals, the transfer of appropriate permits and other contracts.

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The purchase is slated to close in the third quarter.

Duferdofin-Nucor will produce steel beams in Italy and other areas of southern Europe.

Nucor announced in January it would form a venture with Duferco by the middle of the year.

Charlotte-based Nucor (NYSE:NUE) and its affiliates are manufacturers of steel products, with operating facilities primarily in the United States and Canada. The company is the largest producer of beams in North America, producing 3 million tons last year.