Wednesday, Jun 29, 2016
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Economy

Continental plant part of acquisition

CONTINENTAL, Ohio Roanoke Electric Steel Corp., which has five U.S. steel plants including one here in this Putnam County village, said yesterday it is being acquired by Steel Dynamics, Inc., of Fort Wayne, Ind., for about $240 million in cash and stock.

Roanoke shareholders, who must approve the deal, will get 0.4 share of Steel Dynamics and $9.75 in cash for each of their common shares. The Continental plant, run by Roanoke s Socar Inc. subsidiary, has 250 workers and will operate as a division of Steel Dynamics.

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