By Matt Grossman

 

Nucor Corp. has reached deals to buy a majority stake in California Steel Industries Inc.

Nucor said Monday it will amass the position by buying a 50% equity interest in California Steel from a subsidiary of Vale S.A., plus a 1% equity stake from JFE Steel Corp.

California Steel Industries will be a joint venture between Nucor and JFE when the deal is completed.

Nucor said it will pay $400 million in cash to Vale for the 50% stake.

The deal will give Nucor a strong presence on the West Coast and expand its geographic reach, Nucor Chief Executive Leon Topalian.

 

Write to Matt Grossman at matt.grossman@wsj.com

 

(END) Dow Jones Newswires

December 13, 2021 08:07 ET (13:07 GMT)

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