U.S. steel giant Nucor Corp. has agreed to acquire Canadian rival Harris Steel Group for 1.07 billion U.S. dollars, in the latest sign of consolidation in the steel industry, The Wall Street Journal reported on Tuesday.

Harris Steel Chairman and Chief Executive John Harris and other members of the Harris family, along with Paul Kelly, president and chief operating officer, have agreed to tender 13.7 million shares, representing more than 50 percent of the shares of Harris Steel, according to the report.

"The acquisition of Harris Steel Group significantly advances Nucor's downstream growth initiatives," said Nucor Chairman and Chief Executive Dan DiMicco.

Harris announced on Dec. 7 it was in talks with a third party that might lead to a sale of the company.

Source: Xinhua