Mitsui completes $534 million acquisition of Steel Technologies

By Lisa Kerner

Charlotte, N.C., June 1 – Mitsui & Co., Ltd., through its wholly owned subsidiary Mitsui & Co. (U.S.A.), Inc., completed the acquisition of Steel Technologies Inc. in a transaction valued at $534 million, including debt.

Under the companies’ definitive agreement, Steel Technologies’ shareholders will receive $30 per share.

Steel Technologies will operate as a separate, wholly owned subsidiary with the current management team, led by chief executive officer Bradford T. Ray.

“Steel Technologies becomes an important element in implementing our North American business strategy and enhancing our steel processing value chain,” Mitsui USA senior vice president Ichizo Kutsukake said in a company news release.

“This highly regarded addition to Mitsui USA will enable us to efficiently meet our customers’ ever-increasing demands and expectations, as well as provide capacity to pursue new opportunities.”

Steel Technologies is a Louisville, Ky.-based processor of flat-rolled steel.

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