Business Services Industry
Nucor, Steel Dynamics May Battle for Shuttered Indiana Mini-Mill.
Knight Ridder/Tribune Business News, July, 2002
By Lynne McKenna Frazier, The News-Sentinel, Fort Wayne, Ind. Knight Ridder/Tribune Business News
Jul. 30--A shuttered, bankrupt steel mini-mill in Hendricks County is suddenly the hottest steel property around.
On Monday, Steel Dynamics Inc. said it had reached a $45 million deal to buy Qualitech Steel's bar mill in Pittsboro, just west of Indianapolis. Later Monday , Nucor Corp., which had announced an agreement to buy the same mill for $37 million on June 17, received approval for a tax abatement from the Pittsboro Town Council.
Nucor, in a news release, called SDI's announcement a surprise.
"Nucor had been proceeding in good faith to complete its due diligence, obtain necessary approvals and resolve all other outstanding...
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