UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported): October 20, 2016 (October 18, 2016)
STEEL DYNAMICS, INC.
(Exact name of registrant as specified in its charter)
Indiana |
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0-21719 |
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35-1929476 |
(State or other jurisdiction |
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(Commission File Number) |
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(IRS Employer |
of incorporation) |
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Identification No.) |
7575 West Jefferson Blvd, Fort Wayne, Indiana 46804 |
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(Address of principal executive offices) (Zip Code) |
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Registrants telephone number, including area code: 260-969-3500 |
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Not Applicable |
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(Former name or former address, if changed since last report) |
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 8.01. Other Events.
On October 18, 2016, Steel Dynamics, Inc. issued a press release titled Steel Dynamics Agrees to Settle Antitrust Lawsuit. A copy of that press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits.
The following exhibit is filed with this report:
Exhibit Number |
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Description |
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99.1 |
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A press release dated October 18, 2016, titled Steel Dynamics Agrees to Settle Antitrust Lawsuit. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned hereto duly authorized.
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STEEL DYNAMICS, INC. |
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/s/Theresa E. Wagler |
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Date: October 20, 2016 |
By: |
Theresa E. Wagler |
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Title: |
Executive Vice President and Chief Financial Officer |
Exhibit 99.1
Press Release |
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October 18, 2016 | |
7575 W. Jefferson Blvd. | |
Fort Wayne, IN 46804 |
Steel Dynamics Agrees to Settle Antitrust Lawsuit
FORT WAYNE, INDIANA, October 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.
Contact: Tricia Meyers, Investor Relations Manager +1.260.969.3500