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| JUNE 2008
OmniSource to acquire Recycle South Steel Dynamics, Inc. announced that OmniSource Corporation, a wholly-owned subsidiary of Steel Dynamics, and Recycle South, LLC have executed a definitive agreement whereby OmniSource will acquire the remaining equity interests in Recycle South, one of the largest regional scrap metal recycling companies in the nation. Recycle South was formed in August 2007 by the merger of Carolinas Recycling Group and Atlantic Scrap and Processing. The company is headquartered in Spartanburg, South Carolina. The agreement has been unanimously approved by the boards of directors of both companies. OmniSource, which already owns 25 percent of Recycle South, will acquire the remaining equity interests valued at approximately $500 million. Current Recycle South equity owners will receive 3,938,000 shares of Steel Dynamics common stock, valued at approximately $138 million and $232 million in cash. The aggregate transaction value includes the assumption of certain liabilities, including net debt, which are expected to total approximately $135 million at closing. Completion of the transaction is subject only to regulatory approval, and is expected to close before the end of the second quarter of 2008.
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