Birmingham headed into Nucor fold. (Scrap Industry News).One of the major names in electric arc furnace An electric arc furnace (EAF) is a furnace that heats charged material by means of an electric arc. Arc furnaces range in size from small units of approximately one ton capacity (used in foundries for producing cast iron products) up to about 400 ton units used for secondary (EAF EAF - Effort Adjustment Factor ) steelmaking appears destined des·tine tr.v. des·tined, des·tin·ing, des·tines 1. To determine beforehand; preordain: a foolish scheme destined to fail; a film destined to become a classic. 2. to fade into the background with the latest acquisition announcement by Nucor Corp., Charlotte, N.C. Birmingham Steel Corp., Birmingham, Ala ALA aminolevulinic acid. Ala alanine. ala (a´lah) pl. a´lae [L.] a winglike process. ., and Nucor have reached an agreement for Nucor to purchase most of the assets of Birmingham Steel. "We are pleased to have taken this step toward a transaction that would, if consummated, be accretive to Nucor sharedholders and would also benefit our customers and employees," says Nucor president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Daniel R. DiMicco. Assets to be acquired by Nucor include mills in Birmingham, Seattle, Kanakee, Ill., and Jackson, Miss. Nucor will also take possession of an idle melt shop in Memphis, Tenn., a steel service center in Florida and two scrap processing operations. The scrap facilities are Klean Recycling in Jackson, Miss., and Richmond Steel Recycling, with two locations in British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography , Canada. Nucor will reportedly pay $615 million for Birmingham's assets, topping an initial offer of $500 million the company made for select portions of Birmingham Steel back in February. At that time, DiMicco indicated that Nucor's major interest was in the four EAF mills. The Nucor CEO also indicated that current Birmingham president and former Nucor executive John Correnti would not be invited to remain part of the resulting combined management team. "As far as John being part of our organization structure going forward, the answer would be no to that." |
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