Steel Dynamics, Inc. today announced the completion of the acquisition of a majority of the equity interests of United Steel Supply, LLC ("United Steel Supply"). United Steel Supply is headquartered in Austin, Texas and is a leading distributor of painted Galvalume flat roll steel used for roofing and siding applications. Steel Dynamics purchased 75 percent of the equity interests of United Steel Supply for $134 million, comprised of cash consideration of $93 million and the assumption of $41 million in apportioned net indebtedness. Additionally, Steel Dynamics has an option to purchase the remaining 25 percent equity interests of United Steel Supply in the future.
"We enthusiastically welcome the employees and customers of United Steel Supply into the Steel Dynamics family," stated Mark D. Millett, President and Chief Executive Officer. "This partnership provides an exciting opportunity to expand our painted Galvalume distribution network. We look forward to growing with United Steel Supply and to providing our high-quality flat roll steel directly to this important market segment."