Steel Technologies has signed a memorandum of understanding to acquire NuPro Steel, according to a statement released by Montgomery County Economic Development late Tuesday afternoon.
NuPro is a wholly owned subsidiary of Nucor Corp.
Steel Technologies expects to complete the acquisition in April.
Nupro is a flat-rolled steel processor located on Nucor Road
Nupro's 230,000 square-foot operation will expand Steel Technologies' North American platform to 24 facilities, including joint venture operations, located throughout the U.S. and Canada.
"This facility is well equipped with a strong operating team and it strategically expands our MidWest footprint," said Michael J. Carroll, President and CEO of Steel Technologies. "Currently focused on toll processing, we plan to broaden NuPro's processing capabilities and end market focus."
Steel Technologies is owned as a 50-50 joint venture between Nucor Corp. and Mitsui & Co. (U.S.A.), Inc., a wholly owned subsidiary of Mitsui & Co. Ltd., a diversified global investment and service enterprise based in Tokyo, Japan.
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