Steel Dynamics, Roanoke Electric Steel propose merger
Steel Dynamics, Inc. and Roanoke Electric Steel Corp. have announced the execution of a definitive agreement of merger, pursuant to which SDI will acquire Roanoke. Completion of the merger is subject to approval by Roanoke's stockholders, regulatory approval, including antitrust approval, and the satisfaction or waiver of customary conditions.
"This combination further diversifies SDI's product offering, provides additional penetration of the joist, truss and girder markets, and provides SDI with its first foray into the processed raw materials arena," said Keith Busse, SDI's president and CEO. "We plan to invest $50 - $80 million to improve and upgrade Roanoke's facilities after the transaction closes."
More information about the proposed merger can be found here.