US-based Nucor Corporation announced that it has completed the acquisition of Hannibal Industries, Inc., a manufacturer of steel racks, for a cash purchase price of US$370 million. Nucor purchased 100% of Hannibal's outstanding shares from its employee stock ownership plan (ESOP).

According to Nucor, the addition of steel rack solutions to its product portfolio will help to expand its ability to offer service to customers in the fast-growing warehouse and distribution market. Nucor’s existing product capabilities in this field were complemented by this acquisition.