Joy Global Inc. has agreed to sell its steel plate mill in Longview, Texas, to Nucor Corp., the largest steel producer in the U.S., for approximately $29 million.

Under Nucor's ownership, the Longview mill will continue to supply Joy Global with heavy steel plate used to manufacture some of the company's mining equipment.

"This offers great opportunities for the mill employees," Rodney Bull, vice president and general manager for Joy Global in Longview, said in a statement. "We look forward to a strong working partnership with Nucor as both companies drive for growth in our respective markets."

Local employees were informed directly about the agreement to sell, and the sale is expected to close within 60 days.

As noted in its recent earnings release, Joy Global's strategy to deliver profitable growth in its core mining equipment and services business includes monetizing non-core assets.

The company's presence in Longview remains strong as it is home to manufacturing and support functions for products across the company's surface, underground and hard rock mining equipment lines.

Milwaukee-based Joy Global has been supplying mining equipment for more than 130 years and supports mining companies worldwide through full service programs, including technical support, on-site maintenance and remote health monitoring. The company has 135 locations in 20 countries.