| FORT WAYNE, INDIANA, July 2, 2007 — Steel Dynamics, Inc. (NASDAQ:
STLD) today announced that it has completed the previously announced
acquisition of The Techs, a Pennsylvania-based flat-rolled-steel
galvanizing company. Steel Dynamics paid approximately $370 million for
the company, inclusive of certain purchase price adjustments made at
closing. Its operations consist of three facilities in the Pittsburgh
area: GalvTech, MetalTech, and NexTech. Each plant specializes in the
galvanizing of specific types of flat-rolled steels.
“The Techs is an excellent company that has achieved notable
commercial success,” said Keith Busse, Chairman and CEO of Steel
Dynamics. “We welcome The Techs employees to the SDI team. The
employees’ esprit de corps rivals that of our own plants. The Techs is a
world-class customer-oriented company and we are proud to become a part
of their success.
“This acquisition is strategically important to SDI as we look to the
future growth of our flat-roll business. The Techs’ highly productive
and efficient galvanizing plants have a strong, established customer
base in somewhat different markets from our existing business, and
therefore are a natural complement to our existing galvanizing
business,” Busse said.
The privately held, non-union company shipped 958,000 tons of
galvanized steel in 2006 and generated revenues of $811 million. Its
three facilities have a combined capacity to galvanize about one million
tons of steel per year.
The plants will operate under their current management as The Techs,
an independent Steel Dynamics business unit reporting to Mark Millett,
SDI’s President and COO for Flat Rolled Steels and Ferrous Resources.
Beginning in July, The Techs’ financial operating results will be
included in SDI’s Steel Operations reporting segment.
Forward Looking Statements
Contact:
Fred Warner, Investor Relations Manager
(260) 969-3564 or fax (260) 969-3590
f.warner@steeldynamics.com |
