SDI inks deal to purchase OmniSource for $1 billion

Oct 01, 2007 | 02:58 PM | Scott Robertson

Steel Dynamics Inc. (SDI), Fort Wayne, Ind., is growing by feeding on feedstock.

SDI has reached an agreement to acquire scrap recycler OmniSource Corp. in a deal valued at slightly more than $1 billion, the electric-furnace steelmaker said late Monday. The OmniSource buy, coupled with recently announced iron ore projects in Minnesota, will give SDI a strong presence in both the iron ore pellet and scrap markets, two key feedstocks for its steelmaking operations.

OmniSource, also based in Fort Wayne, will operate as a wholly owned subsidiary of SDI and will maintain its focus on ferrous and nonferrous scrap processing, brokerage and industrial scrap management. SDI's existing scrap operations in Tennessee and Virginia will be consolidated into OmniSource, as will its planned scrap-processing facility in Indianapolis.....

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