Nucor additionally purchased a 1% stake from JFE Steel Corp., giving it majority ownership of the Fontana, Calif., USA-based flat-rolled steel converter.
 
"We are excited to officially welcome our CSI teammates to the broader Nucor family," said Rex Query, Nucor's executive vice president of sheet and tubular products.
 
In a press release today, Nucor said the joint venture gives it “a strong presence in the Western region and grows our ability to produce an even wider range of value-added sheet products for our modern economy."
 
According to the terms of the deal, which was announced on 13 December 2021, Vale Canada Ltd., a subsidiary of Vale, received US$400 million for its 50% share of CSI.
 
Vale said the transaction reinforces its capital discipline, with “focus on its core businesses and commitment to a leaner portfolio.”