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 5/10 Good --- www.charlotte.com http://www.charlotte.com/122/index.rss
| News, sports and entertainment from Charlotte.com ... |
Thursday, May 15, 2008 --- 97 days ago http://www.charlotteobserver.com/business/story/624618.html
| Nucor Corp., the largest U.S. steelmaker by market value, agreed to buy 34 percent of a joint venture with Athens-based Sidenor SA to boost sales in Eastern Europe and the Mediterranean. The venture with Sidenor, Greece's largest steel producer, will make and distribute so-called long-steel products such as reinforced bar used for construction in the Balkans, Turkey, Cyprus and North Africa, Nucor said Wednesday in a statement. Financial details weren't provided. Chief Executive Officer Dan DiMicco is expanding through joint ventures and acquisitions to reduce Nucor's reliance on the U.S. market. The Charlotte-based company shipped about 10 percent of its steel output overseas last year and said exports this year may increase to a record because of a weak dollar and higher prices in other regions. The memorandum of understanding with Sidenor comes a day after Nucor agreed to pay $658 million for half of a joint venture with Duferco SA of Switzerland to distribute steel beams in Europe and North Africa. Sidenor produces about 2 million tons of steel per year. Nucor may spend "billions" of dollars on international expansion in the next few years, DiMicco said on an April 17 conference call. The company plans to expand in Europe, North Africa, the Middle East and Mexico, he said. ... |
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