UPDATE 1-Nucor to buy Cornerstone Building's insulated metal panels unit for $1 bln

(Adds details on the deal)

June 7 (Reuters) - U.S. steel producer Nucor Corp said on Monday it would acquire building products maker Cornerstone Building Brands’ insulated metal panels business for $1 billion in cash.

The deal will bulk up Nucor’s insulated metal panels business and help it tap into rising demand for cold storage as customers increasingly shop online for groceries and other refrigerated products.

Cornerstone has seven manufacturing facilities in North America that make insulated metal panels for walls and roofs used in cold storage facilities.

The deal is expected to close later this year.

Moelis & Company LLC served as the exclusive financial advisor to Nucor, while Moore & Van Allen PLLC served as its legal counsel.

Reporting by Shreyasee Raj; Editing by Aditya Soni