Steel Dynamics Closes Majority Acquisition of Texas Company

The company has 7

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Fort Wayne-based Steel Dynamics Inc. (NASDAQ: STLD) has completed a $134 million majority acquisition deal of United Steel Supply. The deal involves 75 percent of the Texas company, with an option for Steel Dynamics to purchase the remaining 25 percent in the future.

The purchase price includes $93 million in cash and the assumption of $41 million in debt. The Allen County company announced the majority acquisition last month.

United Steel Supply distributes painted and coated flat roll steel coils for the roofing and siding industry. Steel Dynamics Chief Executive Officer Mark Millett says the acquisition gives the company "an exciting opportunity to expand our painted Galvalume distribution network." United Steel Supply has reported a 26 percent compounded annual revenue growth rate since its founding in 2007.