Charlotte-based Nucor Steel announced a $565 million expansion by acquiring Rytec Corp., a leading Wisconsin door manufacturer. This acquisition includes two manufacturing facilities and over 300 employees.
Nucor aims to expand beyond steel into related businesses. Two years ago, Nucor acquired C.H.I. Overhead Doors for $3 billion. Combining Rytec with C.H.I. will offer more product options for Nucor’s commercial customers, said Chad Utermark, Nucor’s executive vice president of new markets and innovation.
Nucor, one of Charlotte’s largest companies, has a market cap of $38 billion. They manufacture steel products like bars, beams, sheets, and plates, operating in the U.S., Canada, and Mexico. Additionally, Nucor is North America’s largest recycler.
