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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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    Nucor completes purchase of Gallatin Steel from Gerdau and ArcelorMittal

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