Fort Wayne-based Steel Dynamics Inc. (Nasdaq: STLD) has completed the $114 million acquisition of an Alabama company. Chief Executive Officer Mark Millett says the deal for Vulcan Threaded Products Inc. is part of a strategy to "reduce volatility during both strong and weak market cycles."
Vulcan manufactures and supplies threaded rod products. The company, based outside of Birmingham, Alabama, employs about 225 workers. Steel Dynamics says Vulcan shipped approximately 89,000 tons during the twelve-month period ending March 31, 2016.
The Fort Wayne company announced the acquisition in June. Steel Dynamics says Vulcan has been a longtime partner, purchasing tens of thousands of tons of steel from its Engineered Bar Products Division over the last decade. Last month, Steel Dynamics reported quarterly net income of $142 million, compared to $31.5 million during the same period the previous year.