Steel Dynamics Completes Acquisition
The company has 7
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowFort Wayne-based Steel Dynamics Inc. (Nasdaq: STLD) has completed its $5 million acquisition of Kentucky Electric Steel. The company says as part of the deal, it plans to reopen the KES rolling mill in Ashland, Kentucky in November.
The facility had been closed earlier this year by KES, a subsidiary of Hammond-based Specialty Steel Works Inc. Steel Dynamics says the facility will be operated as part of the company’s Steel of West Virginia operations.
Steel Dynamics says the acquisition will provide product diversification for SWVA by adding flats and specialty alloy bars.
"KES has been a loyal customer of our SWVA and Roanoke Bar divisions," stated Glenn Pushis, senior vice president of SDI’s Long Products Steel Group. "We currently anticipate that roughly 100,000 to 150,000 tons of billets will be shipped each year from our long products steel mills to be further processed at Ashland, providing additional value-added capability and higher through-cycle utilization for our steel mills."
The company says the rolling mill in Ashland has an annual capacity of 250,000 tons.