Charlotte-based Nucor Corp. said today it would close a division with facilities in Georgia and Texas as it exits the business of fabricating light-gauge steel framing.
The decision affects the company’s Nuconsteel division, which has operations in Dallas, Ga., and Denton, Texas, and employs about 100 people. Nucor has more than 20,000 employees overall.
According to a news release, Nucor entered the residential and commercial light-gauge steel framing business in November 2001 with the acquisition of Itec Steel Inc., which became Nuconsteel shortly thereafter. Nucor expects to close Nuconsteel’s facilities this spring, after meeting current customer contractual obligations.
“This decision was a very difficult one due to the impact it has on our employees at Nuconsteel. We continually evaluate our business segments for long-term strategic fit and earnings potential. The fabrication of residential and commercial light gauge steel framing does not offer the returns or scale necessary for Nucor to remain in the business,” said Dan DiMicco, Nucor’s chairman and chief executive officer, in a prepared statement.
Nucor stock closed Thursday at $40.95, up 7 cents. The stock’s 52-week high is $49.24; the 52-week low is $29.82.