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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Nucor Corporation | NYSE:NUE | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| -0.85 | -0.49% | 172.89 | 175.39 | 172.61 | 174.46 | 308,843 | 18:28:40 |
From May 2019 to May 2024
By Ben Fox Rubin
A handful of metals-services and steel companies were hit with $52 million in damages in a federal antitrust suit in Texas, with the jury siding with the plaintiff.
MM Steel LP filed a suit in 2012 against Reliance Steel & Aluminum Co. (RS), its unit Chapel Steel Corp., Nucor Corp. (NUE), American Alloy Steel Inc., JSW Steel Inc., and SSAB Enterprises LLC. Two former Reliance employees left the company to start MM Steel, a metals service center and claimed that Reliance and the other co-defendants engaged in anticompetitive activities. MM Steel is owned by Mike Hume and Matt Schultz, who started the business in 2011.
The jury returned a verdict Tuesday against all six defendants jointly for $52 million in damages. Reliance and Chapel issued a statement Wednesday that they disagree with the verdict and intend to "pursue all available remedies," including an appeal. They said the ultimate amount Reliance may be required to pay isn't yet known.
Write to Ben Fox Rubin at ben.rubin@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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