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Nucor Corporation announced on February 3, 2022, that it has successfully acquired a majority ownership position in California Steel Industries, Inc.
Vale agreed to sell its 50% stake in California Steel Industries (CSI) to Nucor. JFE Steel will sell a 1% stake to Nucor, resulting in Nucor owning 51% and JFE Steel 49% of CSI.
California Steel Industries has contracted Primetals Technologies for two electrical and automation projects: one for its 86-in. hot strip mill to be completed by mid-2022, and one for its #2 continuous galvanizing line scheduled for mid-2020 completion.