FORT WAYNE, INDIANA, January 2, 2003—Steel Dynamics, Inc.
(NASDAQ: STLD) today announced that the litigation involving its
acquisition of the assets of the former Qualitech Steel special bar
quality mill in Pittsboro, Indiana has been resolved. Under the terms
of the settlement, Steel Dynamics will continue to own the facility,
which it formally acquired on September 6, 2002.
In announcing the settlement, Keith E. Busse, Steel Dynamics’
president and chief executive officer, 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.
Steel Dynamics manufactures a variety of hot- and cold-rolled steel
products at its Butler, Indiana, flat-roll mini-mill and has recently
begun initial beam production at its new Columbia City, Indiana,
structural steel and rail facility.
For more information about Steel Dynamics, Inc., please visit www.steeldynamics.com.
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