Technology Mar. 21, 2010 - 04:52AM JST ( 0 )

TOKYO —

Mitsui & Co (USA), a wholly owned subsidiary of Mitsui & Co Ltd, has entered an agreement with Nucor Corporation to own and operate a flat rolled steel processing network and other steel related projects throughout North America.

Mitsui USA will transform wholly-owned sub Steel Tech into a holding company, to be called NuMit LLC. Steel Tech will serve as the foundation for NuMit, and will enhance its flat rolled steel processing operations in North America.

Together with Mitsui’s global experience and Nucor’s manufacturing and technology, NuMit will expand its business domain to other steel related projects throughout the world.

Mitsui intends to invest the proceeds from the transaction into further Numit investments. Closing of the transaction will occur after satisfactory resolution of regulatory approvals and other closing conditions.

Japan Corporate News Network