Mitsui USA to Form Joint Venture with Nucor Corporation

Mitsui USA to Form Joint Venture with Nucor Corporation
LOUISVILLE, Ky.–(BUSINESS WIRE)–Mar 03, 2010–

NEW YORK (MARCH 3, 2010) — Mitsui & Co. (U.S.A.), Inc. (“Mitsui”), a wholly owned subsidiary of Mitsui & Co., Ltd., today announced that it entered into a definitive agreement with Nucor Corporation (“Nucor”) to jointly form a new partnership that will serve as a platform to establish steel related projects both in North America as well as globally.

Mitsui and Nucor will each indirectly hold a 50% share in the new company to be named NuMit LLC (“NuMit”). As part of the agreement, Mitsui will contribute 100% of Louisville, Kentucky-based Steel Technologies Inc. (“Steel Technologies”) into NuMit, and then Nucor will acquire a 50% interest in NuMit. Mitsui intends to invest the proceeds of the transaction to further expand NuMit. Closing of the transaction will occur after satisfactory resolution of regulatory approvals and other closing conditions.

“Mitsui’s announcement today marks the next chapter in our growth and commitment to the North American steel industry,” commented Mr. Masaaki Fujita, President and CEO of Mitsui & Co. (U.S.A.), Inc. “Supported by Mitsui’s global steel expertise and Nucor’s manufacturing capabilities, NuMit will play an important role in implementing our North American and global business strategies and enhancing our upstream/downstream value chain. Through NuMit we will broaden and deepen our penetration in existing markets, while exploring expansion and growth opportunities through new business initiatives.”

NuMit will own 100% of the assets of Steel Technologies, of which Mitsui has been the sole shareholder since 2007. Steel Technologies operates 23 flat rolled steel processing facilities throughout the U.S., Canada and Mexico.

Steel Technologies will serve as the foundation for the newly established NuMit, and will remain as an independent operating unit with the current management team maintaining responsibility for the company’s performance. Steel Technologies will maintain its independent platform to best serve its customers with the most efficient supply chain. This independence will allow Steel Technologies to continue providing unsurpassed service, quality, logistics and value to the North American market place.

Through the joint venture, Mitsui will endeavor to enhance its position as one of the market leaders in the North American steel processing industry. As a first step, Steel Technologies will assume responsibility for Nucor’s previously announced plans to open a new greenfield flat rolled processing center in Monterrey, Mexico. The operation will install slitting and CTL capabilities, with the possible addition of pickling in the future, to serve the growing market demand in the region.

About Steel Technologies

Steel Technologies Inc., headquartered in Louisville, KY and a wholly owned subsidiary of Mitsui & Co. (U.S.A.), Inc., operates 23 steel processing facilities throughout the U.S., Canada and Mexico. It is a leading steel processor that leverages its broad geographic network of operations to deliver value added products and services to customers in a variety of industries. More information about the Company may be found at www.steeltechnologies.com.

About Nucor Corporation

Nucor and affiliates are manufacturers of steel products, with operating facilities primarily in the U.S. and Canada. Products produced include: carbon and alloy steel — in bars, beams, sheet and plate; steel joists and joist girders; steel deck; fabricated concrete reinforcing steel; cold finished steel; steel fasteners; metal building systems; light gauge steel framing; steel grating and expanded metal; and wire and wire mesh. Nucor, through The David J. Joseph Company, also brokers ferrous and nonferrous metals, pig iron and HBI/DRI; supplies ferro-alloys; and processes ferrous and non ferrous scrap. Nucor is North America’s largest recycler.

About Mitsui & Co. (U.S.A.), Inc.

Mitsui & Co. (U.S.A.), Inc. is the largest wholly owned subsidiary of Mitsui & Co., Ltd., a diversified global investment and service enterprise based in Tokyo, Japan. Mitsui has operations in iron and steel products and materials, infrastructure projects, machinery, information technology, chemicals, plastics and consumer products, among others.

For further information, please contact:

Mitsui & Co. (U.S.A.), Inc.

Public Affairs Center

Mr. Shinichi Hirabayashi

Phone: (212) 878-4072

S.Hirabayashi@mitsui.com

Note: This press release includes forward-looking statements about Mitsui. These forward-looking statements are based on the current assumptions and beliefs of Mitsui in light of the information currently available to it, and involve known and unknown risks, uncertainties and other factors. Such risks, uncertainties and other factors may cause Mitsui’s actual results, performance, achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by these forward-looking statements. The risks, uncertainties and other factors referred to above include, but are not limited to, those contained in Mitsui’s latest annual report on Form 20-F, which has been filed with the U.S. Securities and Exchange Commission. This press release is published in order to publicly announce specific facts stated above, and does not constitute a solicitation of investments or any similar act inside or outside Japan, regarding the shares, bonds or other securities issued by us.​

Steel Technologies Announces Management Transition

Steel Technologies Announces Management Transition

LOUISVILLE, Ky.–(BUSINESS WIRE)–Jun 09, 2010–STEEL TECHNOLOGIES ANNOUNCES MANAGEMENT TRANSITION
Current CEO will serve in advisory role

New CEO will be appointed at upcoming board meeting

Louisville, Ky. (June 8, 2010) – Steel Technologies LLC (“Steel Technologies” or the “company”) today announced that Bradford T. Ray, CEO, will resign and assume an advisory role as of July 1, 2010.

Brad joined the company in 1981 and has served in a number of leadership roles over the last 29 years, including CEO since 1999. Brad served on the Board of Directors since 1989 and was Chairman of the Board from 2002 through 2007. Prior to becoming CEO, Brad served as President and Chief Operating Officer from November 1994 to 1999. Previously he was Executive Vice President of the company from April 1993 to November 1994 and also served as Vice President Manufacturing of the company from January 1987 through April 1993.

Effective July 1, 2010, Michael J. Carroll will be appointed CEO and President, subject to the board approval on June 11, 2010. Mike is currently serving as President and COO, a position he has held since 1999. Mike started with the company in 1979 and was previously Executive Vice President, a position he held since 1995. Prior to this, he was Senior Vice President of Sales and served on the company’s Board of Directors from 1992 through 2010.

The company was founded by Brad’s father, Merwin J. Ray, in 1971 and has grown from a small single operation in Eminence, Ky. to a company with a significant North American presence as a leader in the steel processing sector. The company has grown to 23 locations, including 3 joint ventures, throughout the United States, Canada and Mexico, with $1.3 billion in revenue in 2009.

Brad and Mike have worked closely for 30 years during times of significant growth through both Greenfield expansion and acquisitions. The company anticipates a seamless transition.

Steel Technologies was a public company from 1985 through 2007 and traded on the NASDAQ prior to being purchased by Mitsui & Co. (U.S.A,), Inc., a wholly owned subsidiary of Mitsui & Co., Ltd., a Japanese trading company.

In April 2010, Mitsui & Co. (U.S.A.), Inc. entered into a 50-50 joint venture with Nucor Corporation. As part of this venture, each company now indirectly holds 50% share in Steel Technologies.

Brad will assume an advisory position to the senior management and the Board of Managers of the company. The succession plan is scheduled to be adopted and approved by the Board at a meeting on June 11.

Steel Technologies processes flat rolled steel to specific thickness, width, temper, finish and shape requirements for the automotive, appliance, lawn and garden, agriculture, construction, office furniture, hardware and consumer goods industries. Steel Technologies has 23 locations including 3 joint venture operations, located throughout the United States, Canada and Mexico. More information about the company may be found at www.steeltechnologies.com.​

Steel Technologies Plans To Acquire Nupro Steel, LLC

Steel Technologies Plans To Acquire Nupro Steel, LLC

LOUISVILLE, Ky.–(BUSINESS WIRE)–Feb 17, 2011–LOUISVILLE, Ky. (February 16, 2011) – Steel Technologies LLC (Steel Technologies) today announced that it has signed a Memorandum of Understanding to acquire the business and certain assets of NuPro Steel, LLC (NuPro), a wholly owned subsidiary of Nucor Corporation (Nucor). Steel Technologies expects to complete the acquisition in April of this year, subject to the execution of a definitive purchase agreement.

NuPro is a flat-rolled steel processor and is located adjacent to Nucor’s facility in Crawfordsville, Indiana. This 230,000 square-foot operation will expand Steel Technologies’ North American platform to 24 facilities, including joint-venture operations, located throughout the U.S, Canada and Mexico.

“This facility is well equipped with a strong operating team and it strategically expands our Midwest footprint,” said Michael J. Carroll, President and CEO of Steel Technologies. “Currently focused on toll processing, we plan to broaden NuPro’s processing capabilities and end market focus.

”Steel Technologies, headquartered in Louisville, Kentucky, is one of the leading steel processors in North America, leveraging its broad geographic network of operations to deliver value-added products and services to customers. Steel Technologies processes flat-rolled steel to specific thickness, width, temper, finish and shape requirements for the automotive, appliance, lawn and garden, agriculture, construction, office furniture, hardware and consumer goods industries. Steel Technologies is owned as a 50-50 joint venture between Nucor Corporation, North America’s leading manufacturer of steel products, and Mitsui & Co. (U.S.A.), Inc., a wholly owned subsidiary of Mitsui & Co., Ltd., a diversified global investment and service enterprise based in Tokyo, Japan. More information about Steel Technologies can be found at www.steeltechnologies.com​.​

Expanding Operations to Monterrey, MX

Steel Technologies to Expand Operations in Mexico

LOUISVILLE, Ky.–(BUSINESS WIRE)–Aug 09, 2011–LOUISVILLE, Ky.(August 9, 2011) – Steel Technologies LLC (Steel Technologies) today announced that the Pesqueria Municipality has authorized for industrial use the Company’s previously announced Greenfield site for its new flat-rolled steel processing and pickling operation in Monterrey. Construction will begin immediately, and the new plant is expected to be fully operational by the end of 2012. The new $75 million, 300,000 square-foot facility will have annual processing capacity in excess of 800,000 tons and will be strategically located to offer customers supply chain and logistical advantages. The facility will expand Steel Technologies’ North American platform to 25 locations, including three joint ventures.

“We are dedicated to bringing more value to our growing customer base in Mexico and are confident that flat-rolled steel consumption in the region will continue to expand,” said Michael J. Carroll, President and CEO of Steel Technologies. “The addition of this world class operation will accelerate our growth and complement our strong network of steel processing facilities within the country.” Carroll added, “Our new Mexican steel processing operation will be unique in that it will offer a wide range of value-added processing capabilities, including pickling, heavy and light gauge slitting, and multi-blanking. The facility will be equipped with the latest innovation in pickling technology, an environmentally friendly pickle line that offers superior quality producing a clean, consistent surface. We are pleased to be the first to the Mexican market with an EPS® (Eco Pickled Surface) line that offers significant advantages over traditional acid pickling lines.” EPS® is a registered trademark of The Material Works, Ltd.

Steel Technologies, headquartered in Louisville, Kentucky, is one of the leading steel processors in North America and leverages its broad geographic network of operations to deliver value-added products and services to customers. Steel Technologies processes flat-rolled steel to specific thickness, width, temper, finish and shape requirements for the automotive, appliance, lawn and garden, agriculture, construction, office furniture, hardware and consumer goods industries. Steel Technologies is owned as a 50-50 joint venture between Nucor Corporation, North America’s leading manufacturer of steel products, and Mitsui & Co. (U.S.A.), Inc., a wholly owned subsidiary of Mitsui & Co., Ltd., a diversified global investment and service enterprise based in Tokyo, Japan. More information about Steel Technologies can be found at www.steeltechnologies.com​.​

Expanding Operations to​ Bajio, MX

Steel Technologies To Expand Operations In Mexico

LOUISVILLE, Ky.(October 3, 2011) – Steel Technologies LLC (Steel Technologies) today announced it will construct a new flat-rolled steel processing operation in the Bajio region of central Mexico. The new 100,000 square-foot facility is expected to be fully operational in early 2013.

“This expansion will allow us to more efficiently service existing customers and those that are expanding in the region,” said Michael J. Carroll, President and CEO of Steel Technologies. “The Bajio region has become an auto industry corridor and investment continues to flow into the area. We are committed to bringing resources and value-added capabilities to service this key customer base. The new operation will expand our geographic reach within Mexico and will complement our strong network of steel processing facilities within the country, including our previously announced greenfield in Monterrey.”

Steel Technologies, headquartered in Louisville, Kentucky, is one of the leading steel processors in North America and leverages its broad geographic network of operations to deliver value-added products and services to customers. Steel Technologies processes flat-rolled steel to specific thickness, width, temper, finish and shape requirements for the automotive, appliance, lawn and garden, agriculture, construction, office furniture, hardware and consumer goods industries. Steel Technologies is owned as a 50-50 joint venture between Nucor Corporation, North America’s leading manufacturer of steel products, and Mitsui & Co. (U.S.A.), Inc., a wholly owned subsidiary of Mitsui & Co., Ltd., a diversified global investment and service enterprise based in Tokyo, Japan. More information about Steel Technologies can be found at www.steeltechnologies.com.​​

Expanding Operations to Celaya, MX​

STEEL TECHNOLOGIES TO EXPAND OPERATIONS IN MEXICO

LOUISVILLE, Ky. (April 2, 2012) – Steel Technologies LLC (Steel Technologies) today announced it has secured land in the municipality of Celaya, Mexico, to construct its recently announced flat-rolled steel processing operation. The new 125,000-square-foot facility will be equipped with two slitting lines as well as space for additional equipment under consideration. Construction will begin in April, and the facility is expected to be fully operational by the end of the year.

“We are committed to bringing value-added services and capabilities to new and existing customers that are growing in the Central and Southern regions of Mexico,” said Michael J. Carroll, President and CEO of Steel Technologies. “The new Celaya operation will expand our geographic reach within Mexico and will complement our strong network of steel processing facilities within the country.”

Steel Technologies, headquartered in Louisville, Kentucky, is one of the leading steel processors in North America and leverages its broad geographic network of operations to deliver value-added products and services to customers. Steel Technologies processes flat-rolled steel to specific thickness, width, temper, finish and shape requirements for the automotive, appliance, lawn and garden, agriculture, construction, office furniture, hardware and consumer goods industries. Steel Technologies is owned as a 50-50 joint venture between Nucor Corporation, North America’s leading manufacturer of steel products, and Mitsui & Co. (U.S.A.), Inc., a wholly owned subsidiary of Mitsui & Co., Ltd., a diversified global investment and service enterprise based in Tokyo, Japan. More information about Steel Technologies can be found at www.steeltechnologies.com.​

Retirement Announcement​

​STEEL TECHNOLOGIES ANNOUNCES RETIREMENT OF GENERAL DIRECTOR (PRESIDENT) OF MEXICO OPERATIONS
AND THE APPOINTMENT OF HIS SUCCESSOR

LOUISVILLE, Ky. (December 9th, 2013) – Steel Technologies LLC (Steel Technologies) today announced that Carlos von Rossum Garza, General Director (President) of Steel Technologies de Mexico, will retire effective March 1, 2014 after 20 years of outstanding leadership. Mr. von Rossum Garza was the founder of a steel processing center in Monterrey, Mexico that Steel Technologies acquired in 1994. He has been in the steel business for 47 years and has been instrumental in Steel Technologies’ remarkable growth in Mexico.

“Carlos has been a tremendous leader for our company and has done an outstanding job growing our presence in Mexico from one location to seven, including the construction of four world-class Greenfield facilities,” said Michael J. Carroll President and CEO of Steel Technologies. “Today, Steel Tech de Mexico is one of the largest steel processors in Mexico. We are very grateful for his commitment, dedication and enduring leadership over the past 20 years.” We wish Carlos and his family the very best of health and fulfillment in the years ahead.

Effective March 1, 2014, Carlos von Rossum Ferrara, who is the son of the Carlos von Rossum Garza, will be appointed President of Steel Technologies De Mexico. Mr. von Rossum Ferrara has been with the company for 18 years and currently serves as Executive Vice President. He has held a variety of positions since joining the company and has been instrumental in our success. Mr. von Rossum Garza and Mr. Von Rossum Ferrara have worked closely building our business over the last 18 years, and the company anticipates a seamless transition. This transition is part of a well-defined succession plan that has included the development of an excellent management team across our Mexico operations.

Steel Technologies, headquartered in Louisville, Kentucky, is one of the leading steel processors in North America and leverages its broad geographic network of operations to deliver value-added products and services to customers. Steel Technologies processes flat-rolled steel to specific thickness, width, temper, finish and shape requirements for the automotive, appliance, lawn and garden, agriculture, construction, office furniture, hardware and consumer goods industries. Steel Technologies is owned as a 50-50 joint venture between Nucor Corporation, North America’s leading manufacturer of steel products, and Mitsui & Co. (U.S.A.), Inc., a wholly owned subsidiary of Mitsui & Co., Ltd., a diversified global investment and service enterprise based in Tokyo, Japan. More information about Steel Technologies can be found at www.steeltechnologies.com.​​

Steel Technologies To Acquire STRIPCO

STEEL TECHNOLOGIES TO ACQUIRE STRIPCO

LOUISVILLE, KY (April 22, 2014) – Steel Technologies LLC (“Steel Technologies”) today announced its agreement to purchase Stripco LLC, Stripco Sales Company, LLC, and Stripco Express Inc. (collectively, “Stripco”). Stripco is a premier value-added steel processor with operations in Mishawaka, Indiana. The transaction has received governmental approval and is expected to close in early May.

Formed in 1984, Stripco has continued to expand its value-added processes, which include pickling, slitting, cold rolling, annealing, oscillating, and edging. Stripco was first in the U.S. to install the Eco Pickling System (“EPS”), an environmentally friendly and superior quality pickle line that produces a clean, consistent surface. Stripco processes and ships over 100,000 tons with revenue exceeding $100 million annually.

“Stripco has an excellent customer-oriented reputation and proud history of innovation,” said Mike Carroll, President and CEO of Steel Technologies. “They have continued to make strategic investments geared toward providing outstanding products and services to their customers. Jack Hiler and his leadership group have built a great company, and Steel Technologies is excited to align with the Stripco team.” Jack Hiler, CEO and owner of Stripco, commented, “Stripco’s goal has always been to increase value to customers by building lasting relationships and maintaining proper stewardship. We believe our acquisition by Steel Technologies will bring even more value to all of our partners.”

Steel Technologies, headquartered in Louisville, Kentucky, is one of the leading steel processors in North America and leverages its broad geographic network of operations to deliver value-added products and services to customers. The Stripco acquisition will expand Steel Technologies’ North American platform to 25 facilities, including joint-venture operations, located throughout the U.S., Canada and Mexico.

Steel Technologies is owned as a 50-50 joint venture between Nucor Corporation, North America’s leading manufacturer of steel products, and Mitsui & Co. (U.S.A.), Inc., a wholly owned subsidiary of Mitsui & Co., Ltd., a diversified global investment and service enterprise based in Tokyo, Japan. More information about Steel Technologies can be found at www.steeltechnologies.com.​​

Steel Technologies New Joint Venture

THE DIEZ GROUP – A CERTIFIED HISPANIC / W.B.E. MINORITY BUSINESS ENTERPRISE –
AND STEEL TECHNOLOGIES ANNOUNCE A JOINT VENTURE

LOUISVILLE, KY and DEARBORN, MI (May 12, 2014) – The Diez Group, LLC (The Diez Group) and Steel Technologies LLC (Steel Technologies) today announced a joint venture operating as Delaco Kasle Processing Indiana, LLC (DKP Indiana) to sell and process aluminum and steel coils and blanks for the automotive, appliance and agricultural industries.
The joint venture also announced a 106,000 square foot expansion to its facility in Jeffersonville, Indiana, to increase blanking capacity and expand capabilities to include scalloped/wave, configured, rectangular, and trapezoid blanking of both aluminum and steel. When complete, the 226,000 square foot facility will be a premier, high-quality processor of exposed and unexposed aluminum and steel blanks.
“We are extremely pleased to expand our partnership with The Diez Group,” said Michael J. Carroll, CEO and President of Steel Technologies. “Combining our strengths in this venture creates a unique opportunity to bring more value to our customers,”
“This joint venture with Steel Technologies brings together their expertise along with ours to open new markets in the South and Midwest,” said Gerald Diez Jr., President of The Diez Group.
Steel Technologies, headquartered in Louisville, Kentucky, is one of the leading steel processors in North America and leverages its broad geographic network of operations to deliver value-added products and services to customers. Steel Technologies is owned as a 50-50 joint venture between Nucor Corporation, one of North America’s leading manufacturer of steel and steel products, and Mitsui & Co. (U.S.A.), Inc., a wholly owned subsidiary of Mitsui & Co., Ltd., a diversified global investment and service enterprise based in Tokyo, Japan. More information about Steel Technologies can be found at www.steeltechnologies.com.
The Diez Group is part of the Delaco Steel family of businesses. Delaco Steel is based in Dearborn, Michigan and has several locations in Michigan, New York, Tennessee and now Indiana. They are the largest Hispanic and Woman-owned supplier and manufacturer of aluminum and steel coils, and blanks in the United States. For additional information, please visit www.thediezgroup.com.​​