Nucor invests $226M in steel venture

Nucor invests $226M in steel venture. Nucor Corp. has paid $225.5 million to acquire 50 percent interest in NuMit, the joint venture it created last month with steel manufacturer Mitsui & Co. (USA) Inc. Nucor announced the venture in March and closed the deal April 6. It did not disclose the amount it invested in the joint venture at that time. The purchase price was listed in a regulatory filing Nucor submitted to the Securities and Exchange Commission on Tuesday. NuMit owns Kentucky-based Steel Technologies, which has 23 steel sheet processing plants in North America. Through NuMit, Nucor and Mitsui intend to make additional steel-related acquisitions in the future. When Nucor closed the deal in April, it extended a $40 million loan and a $60 million line of credit to Steel Technologies. The Kentucky company has borrowed $54 million against the line of credit. Charlotte-based Nucor (NYSE:NUE) and its affiliates manufacture steel products, with operating facilities primarily in the United States and Canada. New York-based Mitsui U.S.A. is the largest overseas subsidiary of Mitsui & Co. of Japan. The company markets services that include business investment, project development and management, capital-goods leasing and technology transfer.