Steel Dynamics to Acquire 75 Percent of Texas Company

The company has 7

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Fort Wayne-based Steel Dynamics Inc. (NASDAQ: STLD) today announced that it will acquire a majority interest United Steel Supply. Steel Dynamics has agreed to purchase 75 percent of the equity interests of the Texas-based company for $134 million.

The purchase price was agreed on with a cash consideration of $92 million and the assumption of $42 million in apportioned debt.

Steel Dynamics also has the option to purchase the remaining 25 percent equity interest of United Steel Supply in the future.  

"United Steel Supply provides an exciting opportunity to expand our painted Galvalume value chain, by affording us with a better opportunity to provide our high-quality flat roll steel directly to this important market segment," said Mark D. Millett, President and Chief Executive Officer in a news release.

 For more information, click here.