Steel News

Nucor Makes US$1B Acquisition in Construction Products Market   

6/7/2021 - Nucor Corp. is taking a bigger step into the downstream construction market, announcing Monday that it has an agreement to acquire Cornerstone Building Brands’ insulated metal panel (IMP) business for US$1 billion in cash. 

In a statement, Nucor said the acquisition will expand its own insulated metal panel business. The transaction comes with seven manufacturing facilities, three offices, a product innovation center and approximately 830 employees. 

It also will give Nucor two valued legacy brands, Metl-Span and CENTRIA. 

“Today's announcement accelerates our vision to broaden value-added solutions that Nucor provides to our targeted end markets,” said Nucor president and chief executive Leon Topalian.  

"We are excited about this opportunity to acquire a historical leader and innovator in the quickly growing IMP product category serving the non-residential market. We are committed to finding new and better ways to meet our customers’ needs, and this acquisition is an excellent fit with Nucor's long-term strategy to grow our core business and expand our product portfolio."

Nucor said it expects demand for IMP products to grow at double-digit rates through this decade. Demand, it said, is being driven by “evolving consumer preferences regarding e-commerce and grocery delivery, as well as the expansion of data centers and server farms which all require temperature-controlled climates.” 

The deal is to close later this year.