FORT WAYNE, INDIANA, February 27, 2003—Steel Dynamics, Inc. (NASDAQ: STLD)
has announced that it is increasing its ownership in New Millennium
Building Systems, LLC, from 46.5 percent to 100 percent. It has
purchased the 46.5 percent interest in New Millennium previously held by
New Process Steel Corporation, a privately held Houston, Texas, steel
processor, and has entered into an agreement to acquire the remaining 7
percent stake held by other minority investors. New Millennium was
formed in 1999 and produces steel building components at a 242,000
square-foot facility in Butler, Indiana.
“We believe New Millennium continues to show great promise,” said
Keith Busse, President and CEO of Steel Dynamics. “New Millennium’s
management team has made great progress in the face of a difficult
market environment during their first three years of operations. When
the non-residential building market rebounds, we believe New Millennium
will be positioned to make a strong contribution to SDI.”
New Millennium Building Systems produces joists, girders, trusses,
and steel roof and floor decking. Having begun production in June of
2000, New Millennium has achieved success in marketing its products in
the upper Midwest non-residential-building-components market. Its Butler
operations utilize hot-rolled steel supplied by the nearby Steel
Dynamics flat-roll mill.
Forward Looking Statements:
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