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Steel Dynamics to acquire OmniSource.(SCRAP INDUSTRY NEWS)
Steel Dynamics Inc. (SDI), Fort Wayne, Ind., and OmniSource Corp. have announced the execution of a definitive agreement whereby Steel Dynamics will acquire OmniSource, a privately held scrap recycling company based in Fort Wayne, Ind.
[ILLUSTRATION OMITTED]
Both companies' boards of directors have unanimously approved the agreement.
Under the terms of the deal, OmniSource will operate as a wholly owned subsidiary of Steel Dynamics and will focus on ferrous and nonferrous scrap processing, brokerage and industrial scrap management. SDI's existing scrap operations in Virginia and Tennessee will be consolidated into OmniSource, as will its planned scrap processing facility in Indianapolis.
During an Oct. 2 conference call discussing details of the acquisition, representatives from both companies noted that they had discussed a partnership as long ago as 1998.
Keith Busse, chairman and CEO for Steel Dynamics, noted the partnership provides a unique vertical integration that will allow SDI easy access to scrap.
Danny Rifkin, OmniSource's current president and CEO, will join the SDI management team as an executive vice president of SDI's newly formed recycled metals platform. He also will lead the OmniSource subsidiary as president and COO and be named to SDI's board of directors.
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