Eastman & Smith Ltd. Acts as Seller-Side Counsel in $1 Billion Sale of OmniSource to Publicly Traded Company


Steel Dynamics, Inc. (NASDAQ/GS: STLD) and OmniSource Corporation announced on October 1, 2007 the execution of a definitive agreement whereby Steel Dynamics (SDI) will acquire OmniSource, one of North America's largest scrap recycling companies, a privately held company based in Fort Wayne, Indiana.

Pursuant to the agreement, which has been unanimously approved by the Boards of Directors of both companies, Steel Dynamics will acquire all of the outstanding stock of OmniSource Corporation in a transaction valued at slightly more than $1 billion. OmniSource shareholders will receive 9.7 million shares of Steel Dynamics stock and $425 million in cash. The aggregate transaction value includes the million at closing. Completion of the transaction is subject only to regulatory approval, and is expected to close in November 2007.

Eastman & Smith Ltd. was sole outside legal counsel to OmniSource Corporation and provided counsel on a myriad of real estate, labor, environmental and corporate issues. OmniSource Corporation is one of North America's leading metal recycling companies. Revenues of $2.3 billion for the fiscal year ended September 30, 2006, were generated from shipments of approximately 5.3 million tons of ferrous scrap and almost 900 million pounds of nonferrous metals. The company employs 2,100 people in 42 locations across the eastern U.S. and Canada.