Fort Wayne-based Steel Dynamics Inc. (Nasdaq: STLD) has completed its $400 million acquisition of Heartland Steel Processing in Terre Haute. Steel Dynamics says the deal will expand its annual flat roll steel shipping capacity to 8.4 million tons and total steel shipping capability to 12.4 million tons.
The acquisition was first announced in May. Chief Executive Officer Mark Millett says he’s excited to bring Heartland’s employees and customers into the fold.
"The successful completion of the Heartland acquisition represents another step toward one of our growth initiatives, to further increase value-added product and market diversification," said Millett. "We believe Heartland, together with our Midwest flat roll operations, will provide numerous synergies and a tremendous amount of operating flexibility and optionality. We look forward to bringing this strategy to fruition."
Heartland produces various types of higher-margin, flat roll steel. Steel Dynamics says acquiring Heartland will broaden its value-added product portfolio.