It is reported that Greek metals producer Sidenor a part of the Viochalco Group of companies will become a holding company as it will transfer its metallurgical related assets to the new company that will be created along with US steel company Nucor Corporation.

A sources said that Sidenor is seen contributing its basic production units in Greece and in Bulgaria as well as its participation in Sidma Corp. a company active in buying and selling metals and in processing steel plates.

The source added that the company will also acquire a controlling 66% stake in the new entity that will be formed along with Nucor, same sources say. The company will not sell its 78% participation in Cortinth Pipeworks.

According to the same sources, on the other hand, Nucor Corporation will acquire a 34% stake in the new company, paying for its stake in cash.