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Nucor completes purchase of Gallatin Steel from Gerdau and ArcelorMittal
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Report summary
On October 9th, 2014, Gerdau Ameristeel and ArcelorMittal finalized the sale of their jointly owned Gallatin steel plant in Ghent, KY to Nucor for a reported US$770 million. We believe the deal to be a bargain, as Wood Mackenzie's base case valuation for Gallatin is considerably higher at US$1.2 billion. At the deal consideration, the transaction implies a long-term benchmark US HRC price (on a real 2014 basis) of US$564/tonne, or 10% below current levels.
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