Steelmakers as processors not a trend: exec

Nov 03, 2011 | 03:18 PM | Frank Haflich

Tags  Worthington, Nucor, Mitsui, Steel Technolgy, John McConnell, frank haflich

LAS VEGAS — Nucor Corp.’s investment in Steel Technologies Inc. hasn’t spurred other U.S. steelmakers to move into processing, according to Worthington Industries Inc.’s top executive.

John McConnell, chairman and chief executive officer of the Columbus, Ohio-based processor and distributor, said Worthington isn’t concerned that Nucor’s $225.5-million purchase last year of a 50-percent share in processor Steel Tech might trigger further acquisitions by domestic mills. ....

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