Steel Dynamics to Buy Qualitech Assets

Steel Dynamics has entered into a definitive agreement to purchase the mini-mill assets of Qualitech for $45 million. The sale involves Qualitech’s plant in Pittsboro, Indiana.

Steel Dynamics has plans to convert the plant from a specialty bar facility into a merchant and reinforcing bar operation. They plan to invest $60-70 million for the proposed work, which will result in an output of between 500 to 600,000 tons per year.

They expect to close the deal within 25 days. Planned works are expected to be completed within 12 months and they hope to be shipping the new product lines in the latter half of next year.

The opportunity to buy the plant suited Steel Dynamics as they have been looking for a way to enter the merchant shapes business. The purchase of this plant will serve as their platform for future development.

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