Steel Dynamics Inc. recently announced it will purchase a majority of the equity interest of United Steel Supply of Austin, Texas
United Steel Supply is a distributor of painted Galvalume flat roll steel used for roofing and siding applications, according to Steel Dynamics. United Steel Supply operates a warehouse in Kingsbury, south of La Porte.
A statement from Fort Wayne-based Steel Dynamics notes the company will purchase 75 percent of the equity interests of United Steel Supply for $134 million. The deal also includes an option for Steel Dynamics to purchase the remaining 25 percent equity interest of United Steel Supply in the future.
“United Steel Supply provides an exciting opportunity to expand our painted Galvalume value chain, by affording us with a better opportunity to provide our high-quality flat roll steel directly to this important market segment,” said Mark Millett, president and CEO of Steel Dynamics. “We believe this partnership will provide a strong cultural fit with Steel Dynamics (and) we are eager to welcome the United Steel Supply employees and customers.”
As part of the transaction, current United Steel Supply owners Bret Curtis and Will Waldrip will continue to lead USS in their current roles as president and vice president, respectively, Steel Dynamics said.