Nucor buys steel rack manufacturer Elite
Electric arc furnace (EAF) steelmaker Nucor acquired steel rack manufacturer Elite, extending its footprint further downstream.
The company purchased Elite Storage Solutions for $75mn, coming less than a year after its acquisition of a separate warehouse racking company. Elite operates two locations, one in Monroe, Georgia, and the other in Chandler, Arizona.
Elite's end-use markets include e-commerce warehouses, data centers, and food and beverage storage, all sectors that Nucor expects to grow.
Nucor paid $370mn to purchase warehouse racking company Hannibal Industries, which operates manufacturing facilities in Houston and Los Angeles.
US EAF steelmakers have expanded their reach further into downstream industries, with Steel Dynamics (SDI) purchasing a 45pc stake in New Process Steel for an undisclosed price in October and Nucor buying insulated metal panels manufacturer Cornerstone Building Brands for $1bn in June.
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