Steel Dynamics Inc. (SDI) announced Wednesday that it has completed its previously announced acquisition of Roanoke Electric Steel Corporation.
Roanoke stockholders received $9.75 in cash and 0.4 shares of SDI common stock for each share of Roanoke stock outstanding at the date of the merger, which closed April 11, 2006. SDI paid a total of $111 million in cash, issued 4'544'360 shares of common stock, and assumed Roanoke's $45 million debt.
Together, the companies will now operate five electric furnace minimills with an annual
production capacity of approximately 5 million net tons, as well as five facilities that fabricate steel joists and decking, and two
scrap metal processing facilities. Combined product lines include flat rolled,
merchant bar, engineered bar, light structural steel, wide flange
beams, and rail.