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Nucor completes purchase of Gallatin Steel from Gerdau and ArcelorMittal

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13 October 2014

Nucor completes purchase of Gallatin Steel from Gerdau and ArcelorMittal

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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