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Steel Dynamics to Acquire Vulcan Threaded Products to Expand Finishing
"During 2015, we identified the pursuit of higher-margin downstream business opportunities that utilize our steel products in their manufacturing processes, as one of our target growth objectives," stated Mark D. Millett, President and Chief Executive Officer. "A strategy intended to reduce volatility during both strong and weak market cycles, given steel raw material supply optionality. During weak steel demand environments these businesses could purchase steel internally from our own mills, thus increasing SDI's steel mill utilization. As a consumer of special-bar-quality products currently produced at our Engineered Bar Products Division, Vulcan depicts this model perfectly and fits well within our core operating strengths." " has been a valued customer of our Engineered Bar Products Division for over a decade. I congratulate Bill and Kent Upton on the creation of a tremendous company and team. We are looking forward to welcoming the employees and customers of Vulcan into the Steel Dynamics family. We are excited to add the quality of Vulcan's brand and products to our portfolio," concluded Millett. The transaction is valued at approximately 5.0 times trailing twelve month March 31, 2016 EBITDA, excluding potential income tax-related benefits. The transaction is subject to customary conditions and receipt of regulatory approvals. Steel Dynamics expects to obtain all necessary regulatory approvals and complete the transaction by August 2016. Forward-Looking Statement This press release contains some predictive statements about future events, including statements related to the operation of new or existing facilities. These statements, which we generally precede or accompany by such typical conditional words as "anticipate," "intend," "believe," "estimate," "plan," "seek," "project" or "expect," or by the words "may," "will," or "should," are intended to be made as "forward-looking," subject to many risks and uncertainties, within the safe harbor protections of the Private Securities Litigation Reform Act of 1995. These statements speak only as of this date and are based upon information and assumptions, which we consider reasonable as of this date, concerning our businesses and the environments in which they operate. Such predictive statements are not guarantees of future performance, and we undertake no duty to update or revise any such statements. Some factors that could cause such forward-looking statements to turn out differently than anticipated include: (1) the effects of uncertain economic conditions; (2) cyclical and changing industrial demand; (3) changes in conditions in any of the steel or scrap-consuming sectors of the economy which affect demand for our products, including the strength of the non-residential and residential construction, automotive, appliance, pipe and tube, and other steel-consuming industries; (4) fluctuations in the cost of key raw materials (including steel scrap, iron units, and energy costs) and our ability to pass-on any cost increases; (5) the impact of domestic and foreign import price competition; (6) unanticipated difficulties in integrating or starting up new or acquired businesses; (7) risks and uncertainties involving product and/or technology development; and (8) occurrences of unexpected plant outages or equipment failures.
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