Nucor Corp., the Fortune-500 steel manufacturer based in Charlotte, is acquiring Mexican casting company Corporacion POK, S.A. de C.V. for an undisclosed amount.

The acquisition will allow Nucor to expand into new and existing markets, the company stated in a release.

“Our company has had a presence in Mexico for more than a decade. We know the market and the customers there,” said CEO John Ferriola in a statement. “This acquisition supports Nucor’s strategy in Mexico, which is focused on downstream processing for high-quality, value-added applications targeting niche markets.”

POK, founded in 1894, currently operates a production facility in Guadalajara. The company employs 425 people there.

Although most of the company’s facilities fall within U.S. and Canadian borders, Nucor currently operates several steel processing facilities and a sales office in Mexico, including a cold finish facility in Monterrey.

Earlier this month, Ferriola told CNBC’s Jim Cramer that Nucor was on track to have its best year in history, dismissing the impact of the Trump administration’s steel tariffs on company performance.

“At the end of the day, Jim, the economy drives steel demand, steel demand drives steel pricing, and we see the economy remaining strong,” Ferriola told CNBC.

Nucor stock rose 0.55 percent on Thursday, from to $59.65 per share to $59.98.