This morning in metals news: Nucor Corporation today announced it will acquire Cornerstone Building Brands‘ insulated metal panels business; the oil price approached $70 per barrel to close last week; and the aluminum price has retraced over the last month.
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Nucor to acquire insulated metal panels business
Nucor announced today that it plans to acquire the insulated metal panels business of Cornerstone Building Brands.
The acquisition comes at a cash purchase price of $1 billion. Nucor said it expects the transaction to close later this year, pending regulatory approvals.
“Today’s announcement accelerates our vision to broaden value-added solutions that Nucor provides to our targeted end markets. Additionally, it enhances our strong financial position with attractive free cash flow conversion rates and accretive EBITDA margins,” Nucor President and CEO Leon Topalian said. “We are excited about this opportunity to acquire a historical leader and innovator in the quickly growing IMP product category serving the non-residential market.”
Oil price gains
The oil price has continued to show strength, rising to nearly $70 per barrel to close last week, according to the Energy Information Administration (EIA).
The WTI crude oil price closed at $69.62 per barrel last week, up $3.30 per barrel from the week before. Meanwhile, the oil price closed up by $32.31 per barrel from a year ago.
Aluminum price slides
Like copper, the aluminum price has retraced since peaking May 10.
The LME aluminum price closed last week at $2,426 per metric ton, down 0.53% from the month before. The price had peaked at $2,577 per metric ton on May 10.
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