You choose, we deliver
If you are interested in this story, you might be interested in others from The Journal Gazette. Go to www.journalgazette.net/newsletter and pick the subjects you care most about. We'll deliver your customized daily news report at 3 a.m. Fort Wayne time, right to your email.

Business

  • Column: OPEC swamps crude-oil prices
    Crude-oil prices collapsed to a four-year low on Thanksgiving Day, dropping as low as $67.75 per barrel after the Organization of the Petroleum Exporting Countries decided to leave production targets unchanged at its most recent meeting.
  • Who's in charge of Black Friday?
    What about those store managers in charge of making sure merchandise is on the shelves? The Journal Gazette spent some time with a Meijer store director on Friday to get a glimpse into his Black Friday.
  • Oil plunge a panacea for crude-reliant Asia
    A renewed plunge in oil prices is a worrying sign of weakness in the global economy that could shake governments dependent on oil revenues. It is also a panacea as pump prices fall, giving individuals more disposable income and lowering costs for
Advertisement

SDI to acquire steel mill in Mississippi

Steel Dynamics Inc. officials today announced plans to buy a Mississippi mini-mill for $1.625 billion.

The acquisition of Severstal Columbus LLC, which will be funded with cash and debt, will significantly expand Fort Wayne-based SDI's annual steel production capacity by 40 percent to 11 million tons.

With the purchase, SDI gains a presence in the South, which would make it easier to supply growing manufacturing operations in the South and in Mexico, company officials said.

The Mississippi operation, which is one of the newest and most technically advanced mini-mills in North America, will broaden SDI's product offerings.

Mark Millett, SDI's CEO, said he looks forward to welcoming the 645 new employees to the company. The deal is expected to close by the end of the year, pending regulatory approval.

"The acquisition of Columbus represents a significant step in the continuation of our growth strategy," he said in a statement.

For more on this story, see Tuesday's print edition of The Journal Gazette or go to www.journalgazette.net after 3 a.m. Tuesday.

sslater@jg.net

Advertisement