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Nucor Enters Joint Venture
with Harris Steel Group

Jan. 27, 2004 — Nucor Corp. has entered into an agreement with Harris Steel Group, Inc. for the purchase of a one-half interest in its wholly owned subsidiary, Harris Steel, Inc., for a cash purchase price of approximately $21,000,000. Closing of the transaction is expected to occur within the next 30 days.

As part of the deal, Harris Steel Group could receive up to an additional $6,000,000 if the venture achieves certain operating results over the next five years.

"This venture is a downstream integration from our bar mills into a value-added process," said Dan DiMicco, Nucor Vice Chairman, President and CEO. "We look forward to a long and successful relationship with Harris Steel Group."

Harris Steel, Inc. is the second-largest independent rebar fabricator in the U.S., with fabricating facilities located in Tacoma, WA; Phoenix, AZ; Livermore, CA; Modesto, CA; Bethlehem, PA; Rochester, MA; and Kingman, AZ (currently not operating). Harris Steel Group will continue to operate these facilities and manage the operations of Harris Steel, Inc.

Nucor is one of the largest steel producers in the United States and is the nation's largest recycler. Nucor and affiliates manufacture steel products, with operating facilities in fourteen states. Products include carbon and alloy steel bars, beams, sheet and plate; steel joists and joist girders; steel deck; cold finished steel; steel fasteners; metal building systems; and light gauge steel framing.

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