Steel Dynamics, Inc. announced that the litigation involving its acquisition of the assets of the former Qualitech Steel special bar quality mill in Pittsboro, Ind., has been resolved. Under the terms of the settlement, Steel Dynamics will continue to own the facility, which it formally acquired Sept. 6, 2002 for $45 million.
Keith Busse, Steel Dynamics' president and CEO, said: "We are pleased that all parties to this dispute were able to reach an amicable settlement. We can now focus all of our attention and resources on accomplishing the necessary engineering, as well as equipment ordering and installation that will be required in order to begin production in Pittsboro. We look forward to this challenge and to the opportunity to work with and become part of the Pittsboro and Hendricks County community."
The litigation, commenced in August 2002 in the Hendricks County, Indiana Superior Court, questioned Steel Dynamics' right to purchase the Pittsboro assets. The settlement fully resolves all such issues. Before signing the agreement with SDI, Qualitech agreed to sell the plant to Nucor, a competitor of SDI, for $37 million. However, that deal never closed.
Steel Dynamics said it will now begin to order and install equipment to start production at the plant. The company has said it would invest $60 million to $70 million to increase the plant's annual production by nearly 200,000 tons to 600,000 tons. The expansion is expected to be complete by the end of this year.Latest from Recycling Today
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