Nucor Corporation (an AISC member) recently announced that it has closed on its acquisition of Chicago-based Independence Tube Corporation, an independent manufacturer of hollow structural section (HSS) steel tubing (and also an AISC member), for approximately $435 million.
"We are pleased to welcome the 335 teammates at Independence Tube to the Nucor family," said John Ferriola, chairman, CEO and president of Nucor Corporation. "This is a great acquisition for Nucor, giving us another growth platform and enhancing our position as the most comprehensive provider of steel solutions to the construction and infrastructure markets."
“This is an exciting opportunity for the employees and customers of Independence Tube,” commented Dave Grohne, founder and CEO of Independence Tube. “Both Nucor and Independence Tube have a strong cultural compatibility, particularly the importance and focus each put on safety, quality, productivity and treating our employees fairly.”
ITC operates four facilities in Illinois and Alabama that annually produce roughly 600,000 tons of HSS steel tubing. HSS is used in a broad array of structural and mechanical applications including nonresidential construction, infrastructure, and agricultural and construction equipment end-use markets. ITC has the second highest market share in HSS, selling its products primarily through service centers, which are also an important channel to market for Nucor, Nucor stated.
Doug Jellison will serve as president of Nucor Tubular Products. He previously served as vice president of corporate strategic planning for Nucor.