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October 07, 2008


Nucor and Sidenor to form long product JV

Nucor Corporation announced the signing of a MoU with Sidenor SA to purchase a 34% share of a new joint venture which will be formed for the production and distribution of long steel products and plate in the Balkans, Turkey, Cyprus and North Africa.

The contemplated joint venture will include all of the steelmaking and related activities of Sidenor, excluding the activities and assets of Corinth Pipe Works.

Nucor said that “Final agreement to establish the joint venture company is dependent on completion of appropriate due diligence, approval of appropriate regulatory bodies and approval of the boards of directors of both companies.”

Sidenor is the largest producer of steel in Greece with additional steelmaking, rolling and reinforcing mesh operations in Bulgaria and the Former Yugoslavian Republic of Macedonia. The main steel plants are located in Thessaloniki and Almyros in Greece, in Pernik, Bulgaria and in Dojran, FYROM. In addition, Sidenor operates steel distribution centers throughout the Balkans, either alone or with partners. Total 2007 steel production was nearly two million tons, which is expected to grow significantly in the near future. Sidenor recently began operation of a new rolling mill at its Stomana Industry plant in Bulgaria, which will bring Sidenor's total steel rolling capacity to more than 3.6 million tonnes per year by 2009.
Mr Sarados Milios CEO of Sidenor said that "We are pleased that a company with the reputation and capabilities of Nucor Corporation has agreed to join with Sidenor to further its strategic growth in the rapidly developing markets of southeastern Europe, and we strongly believe that this cooperation will bring many benefits to both companies."

Mr Dan DiMicco CEO & chairman of Nucor said that "We are very happy to work with Sidenor towards a joint venture that will join and leverage the excellent people and operations of both companies. In our discussions, we have been repeatedly impressed by the cultural compatibility of our two companies. We look forward to the formal establishment of the joint venture and beginning our work together."