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Nucor Shares Up On Elite Storage Acquisition News

Shares of Nucor Corp. (NUE) are rising over 2% Tuesday morning, after the company announced the acquisition of steel racking manufacturer Elite Storage Solutions for $75 million.

Nucor noted that this acquisition expands its steel racking capabilities and builds on the company's acquisition of Hannibal Industries last year. Elite Storage Solutions employs 180 full-time teammates at locations in Monroe, Georgia, and Chandler, Arizona.

The stock, which has been trading between $75.60 and $157.69 for the past one year, is currently trading at $153.07, up $3.55 or 2.38%, with trading volume of over 252K versus an average volume of 3.50 million shares.

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