Charlotte, North Carolina, December 13, 2021 /PRNewswire/ - Nucor Corporation (NYSE: NUE) today announced that it has reached an agreement to acquire California Steel Industries, Inc. by purchasing a 50% stake (CSI)’s majority equity interest in a subsidiary of Vale SA (Vale) and a 1% equity interest in JFE Steel Corporation (JFE). The company will become a joint venture between Nucor and JFE, subject to regulatory approval. Nucor will pay Vale a cash purchase price of US$400 million to obtain 50% of the corporate value and adjust it based on net debt and working capital at the end of the transaction, which is close to 6.0 times lower than the historical average EBITDA.

Leon Topalian, President and CEO of Nucor Corporation, said: "The acquisition of a majority stake in California Steel Industries expands our geographic coverage in the steel plate sector and gives us a strong influence on the West Coast. "This acquisition will expand us. Our value-added sheet product portfolio provides opportunities to increase internal shipments and enables us to provide sheet products to downstream companies in the region, such as Verco and Hannibal Industries. We look forward to working with our partners at JFE. "

CSI is a flat-rolled steel converter with an annual output of more than 2 million tons of steel and steel products. The company has 5 product lines including hot-rolled pipes, pickled oil-coated pipes, cold-rolled pipes, galvanized pipes, and ERW pipes. The main end-user areas served by CSI include customers in the construction, service center, and energy industries. CSI has more than 800 full-time and temporary employees.

After the completion of the acquisition, this will be the second joint venture between Nucor and JFE. Since 2020, the two companies have been operating an automotive steel joint venture in Mexico. The plant in Mexico has the capacity to produce 400,000 tons of galvanized steel for the automotive industry every year.

About Nucor Nucor and its affiliates are manufacturers of steel and steel products, with operations in the United States, Canada and Mexico. The products produced include: carbon steel and alloy steel-bars, beams, sheets and plates; hollow structural profiles and pipes; electrical conduits; steel frames; steel piles; steel joists and joists; steel decks; precast concrete reinforcement; cold working Steel; precision castings; steel fasteners; metal construction systems; insulated metal plates; steel gratings; and barbed wire. Through The David J. Joseph Company, Nucor also acts as an agent for ferrous and non-ferrous metals, pig iron and hot briquette iron/direct reduced iron; supplies ferrous alloys; and processes ferrous and non-ferrous metal scraps. Nucor is the largest recycler in North America.

Forward-looking statements Certain statements contained in this press release are "forward-looking statements" that involve risks and uncertainties. "Expect", "believe", "anticipate", "intend", "project", "may", "will", "should", "may" and similar expressions are intended to identify these forward-looking statements. These forward-looking statements reflect the company's best judgment based on current information. Although we have made these statements based on what we believe to be reasonable, we cannot guarantee that future events will not affect the accuracy of such forward-looking statements-looking for information . Therefore, forward-looking statements are not guarantees of future performance, and actual results may differ materially from the expected results and expectations discussed in this press release. Factors that may cause the company's actual results to differ materially from the expected results in the forward-looking statements include, but are not limited to: (1) competitive pressure on sales and pricing, including pressure from imports and alternative materials; (2) influence on steel imports U.S. exports and foreign trade policies; (3) the sensitivity of our business performance to current market steel prices and raw material supply and cost changes, including pig iron, iron ore, and scrap steel; (4) the availability and cost of electricity and natural gas, which may Will have a negative impact on our steel production costs, or cause the delay or cancellation of existing or future drilling in our natural gas drilling plan; (5) key equipment failures and business interruptions; (6) market demand for steel products, in terms of our For many products, this is driven by the level of non-residential construction activities in the United States; (7) The recorded value of inventories, equity investment, fixed assets, goodwill or other long-term assets has been impaired; (8) Inconsistencies surrounding the global economy Certainty, including world steel overcapacity; (9) fluctuations in currency exchange rates; (10) major changes in laws or government regulations that affect environmental compliance, including legislation and regulations that lead to stricter monitoring of greenhouse gas emissions, This may increase our energy costs, capital expenditures and operating costs or cause one or more of our licenses to be revoked or make it more difficult to obtain license modifications; (11) the cyclicality of the steel industry; (12) capital investment And its impact on our performance; (13) our safety performance; (14) the impact of the COVID-19 pandemic and any variants of the virus. These and other factors are discussed in Nucor's regulatory filings with the U.S. Securities and Exchange Commission, including those in Nucor's Annual Report on Form 10-K for the year ended December 31, 2020, "Item 1A. Risk Factors." The forward-looking statements contained in this press release only apply to that date, and Nucor assumes no obligation to update these statements, except as required by applicable law.

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Nucor has agreed to pay more than $400 million to acquire a 51% stake in California Iron and Steel Corporation, which will operate a joint venture with Japan's JFE Steel Corporation.

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