Nucor to form venture with Sidenor

Nucor Corp. has agreed to purchase a 34 percent share of a new joint venture with Sidenor S.A., a Greek steel producer.

The venture will manufacture and distribute steel products and plate in the Balkans, Turkey, Cyprus and North Africa.

Final agreement to establish the company is dependent on the completion of due diligence and regulatory approval.

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Financial terms weren't disclosed.

Sidenor is the largest producer of steel in Greece. The company has additional steelmaking, rolling and reinforcing mesh operations in Bulgaria and Macedonia as well as steel distribution operations in the Balkans.

Charlotte-based Nucor (NYSE:NUE) is the largest producer of steel in North America, with total 2007 steel production of more than 23 million tons.

News of the proposed deal with Sidenor follows Nucor's announcement Tuesday that it had 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.

That 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.