FORT WAYNE, Ind., Oct. 18, 2016 /PRNewswire/ -- Steel Dynamics,
Inc. (NASDAQ/GS: STLD) today announced that it has entered into an
agreement to settle the direct purchaser class action litigation,
Standard Iron Works v. Arcelor Mittal, et al, for the
amount of $4.6 million. The lawsuit
was brought in Chicago federal
court in 2008 by a class of direct steel purchasers, alleging that
the company had participated in a conspiracy with other steel
manufacturers to restrict steel production. A Motion for
Summary Judgment, earlier filed by Steel Dynamics, was pending at
the time of settlement.
The settlement requires preliminary and final approval by the
Court, which the company anticipates it will receive. Following
preliminary approval by the court, members of the class will be
given an opportunity to opt out of the settlement. Following court
approval and payment, Steel Dynamics will receive a full release of
all claims that were or could have been brought by all
participating class members. An existing, separate claim by
"indirect" purchasers is not affected by this settlement, although
Steel Dynamics and the other defendants have filed a Motion to
Dismiss. We believe the defendants have a strong likelihood of
prevailing.
"While we had great confidence that we would prevail on the
facts and the law, we felt it was prudent at this time to exit this
costly, protracted and distracting litigation," stated Mark Millett, President and Chief Executive
Officer. "We maintained at all times that the lawsuit was without
merit and that we did not conspire to limit steel production. To
the contrary, the facts amply demonstrated that we both increased
existing production and expanded our production capabilities during
the relevant time period, and we believe plaintiffs ultimately
recognized these facts."
About Steel Dynamics, Inc.
Steel Dynamics, Inc. is one of the largest domestic steel
producers and metals recyclers in the
United States based on estimated annual steelmaking and
metals recycling capability, with facilities primarily located
throughout the United States and
Mexico. Steel Dynamics produces steel products, including hot
roll, cold roll, and coated sheet steel, structural steel beams and
shapes, rail, engineered special-bar-quality steel, cold finished
steel, merchant bar products, specialty steel sections and steel
joists and deck. In addition, the company produces liquid pig
iron and processes and sells ferrous and nonferrous
scrap.
Forward-Looking Statements
This press release contains some predictive statements about
future events. These statements, which we generally precede or
accompany by such typical conditional words as "anticipate,"
"intend," "believe," "estimate," "plan," "seek," "project" or
"expect," or by the words "may," "will," or "should," are intended
to be made as "forward-looking," subject to many risks and
uncertainties, within the safe harbor protections of the Private
Securities Litigation Reform Act of 1995. These statements speak
only as of this date and are based upon information and
assumptions, which we consider reasonable as of this date.
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SOURCE Steel Dynamics, Inc.