(By Balachander) Nucor Corp. (NYSE:NUE) said it has closed the sale of the assets of Wire Products facility in Pennsylvania to an affiliate of Wire Mesh Corp.
Charlotte, North Carolina-based Nucor bought the facility in October 2007 after acquiring the assets of Nelson Steel Inc.
The company said is continuing to produce wire and wire mesh products at facilities located in Utah, Connecticut and Laurel LEC Operations in Canada.
Commenting on the sale, Nucor said it continually evaluate its businesses for long-term strategic fit and earnings potential.
After careful evaluation of the wire mesh market and Nucor's role in that market, the company said it decided to sell these particular assets.
Nucor is engaged in the manufacture and sale of steel and steel products as well as a scrap broker and processor. In addition, the company produces direct reduced iron (DRI) for use in its steel mills.
On Friday, the stock fell 1.23 percent to trade at $38.66.