Nucor Corp. has been given approval from the Federal Trade Commission to buy Gallatin Steel Co. for $770 million in cash.
The Charlotte-based steel manufacturer has closed the deal, announced last month, to purchase the Kentucky steel company.
“We are excited to be able to begin the process of integrating Gallatin Steel and our new teammates into the Nucor family,” Nucor CEO John Ferriola said in a statement Thursday morning. “This acquisition is an important step in the execution of our company’s strategy for profitable growth by enhancing Nucor’s current position serving flat-rolled customers in the growing pipe and tube segment. It also further strengthens one of our competitive advantages — reliability for our customers.”
The day’s biggest mover broke away from a static phase with a 3.3% jump on Monday, October 20. After three changeless days on the LME, the steel billet cash price closed at $465.00 per metric ton. The 3-month price of steel billet held steady on the LME at $455.00 per metric ton.
Chinese steel prices closed flat for the day. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($136.77) and a low price of CNY 830.00 ($135.14) per dry metric ton. The price of Chinese HRC saw little movement at CNY 3,030 ($493.34) per metric ton. The price of Chinese coking coal remained essentially flat at CNY 1,390 ($226.32) per metric ton.
The US HRC futures contract 3-month price saw little change in its price yesterday at $620.00 per short ton. The spot price of the US HRC futures contract showed little movement yesterday at $642.00 per short ton.