Steel Mills
Joy Global to Sell Longview Steel Plate Mill
Written by Sandy Williams
April 26, 2016
Joy Global Inc, a manufacturer of equipment for the mining industry, is looking for a buyer for its Longview, Texas steel plate mill.
The Longview specialty mini-mill makes small batch, thick and extra thick steel plate for use in some of Joy Global’s premier mining equipment.
Joy Global confirmed it is looking at a potential sale but offered no comment on possible buyers. It is rumored Nucor may be purchasing the mill but Nucor would not comment on a possible acquisition.
“We don’t comment on potential mergers, acquisitions or joint venture activity. Like most companies, we are constantly evaluating unique market opportunities. If the right opportunity comes along, it has to fit our long-term growth strategy and provide the right return on the investment of our shareholders’ valuable cap,” said a spokesperson for Nucor in an email to SMU.
Steel mill employees at Longview have been made aware of possible changes in the business and potential transaction. The company said it will continue to keep all employees informed throughout the process.
“This opportunity has the potential to bring added resources to the steel mill operation and further its capabilities, allowing us to focus on our core strategies to drive profitable growth,” said Rodney Bull, vice president and general manager for Joy Global in Longview.
Joy Global has owned the steel mill since 2011 when it acquired a 100 percent ownership in the former LeTourneau Technolgies which included the Longview plate mill. Longview was originally founded in 1951. The company said Joy Global’s presence in Longview will remain strong as it is a key part of the operation’s network for the company’s surface, underground and hard rock mining equipment lines.
Sandy Williams
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