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0001193125-05-204768.txt : 200510200001193125-05-204768.hdr.sgml : 2005102020051020122033ACCESSION NUMBER:0001193125-05-204768CONFORMED SUBMISSION TYPE:425PUBLIC DOCUMENT COUNT:13FILED AS OF DATE:20051020DATE AS OF CHANGE:20051020
SUBJECT COMPANY:
COMPANY DATA:COMPANY CONFORMED NAME:ROANOKE ELECTRIC STEEL CORPCENTRAL INDEX KEY:0000084278STANDARD INDUSTRIAL CLASSIFICATION:STEEL WORKS, BLAST FURNACES ROLLING MILLS (COKE OVENS) [3312]IRS NUMBER:540585263STATE OF INCORPORATION:VAFISCAL YEAR END:1031
FILING VALUES:FORM TYPE:425SEC ACT:1934 ActSEC FILE NUMBER:000-02389FILM NUMBER:051146751
BUSINESS ADDRESS:STREET 1:102 WESTSIDE BLVD N WSTREET 2:P O BOX 13948CITY:ROANOKESTATE:VAZIP:24038-3948BUSINESS PHONE:5403421831
MAIL ADDRESS:STREET 1:P.O. BOX 13948CITY:ROANOKESTATE:VAZIP:24038-3948
FILED BY:
COMPANY DATA:COMPANY CONFORMED NAME:ROANOKE ELECTRIC STEEL CORPCENTRAL INDEX KEY:0000084278STANDARD INDUSTRIAL CLASSIFICATION:STEEL WORKS, BLAST FURNACES ROLLING MILLS (COKE OVENS) [3312]IRS NUMBER:540585263STATE OF INCORPORATION:VAFISCAL YEAR END:1031
FILING VALUES:FORM TYPE:425
BUSINESS ADDRESS:STREET 1:102 WESTSIDE BLVD N WSTREET 2:P O BOX 13948CITY:ROANOKESTATE:VAZIP:24038-3948BUSINESS PHONE:5403421831
MAIL ADDRESS:STREET 1:P.O. BOX 13948CITY:ROANOKESTATE:VAZIP:24038-3948
4251d425.htmRULE 425 FILING
Rule 425 Filing
Filed by SteelDynamics, Inc. (Commission File No. 0-21719) Pursuant to Rule 425 under the Securities Act of 1933 and Deemed Filed Pursuant to Rule 14a-12 under the Securities Exchange Act of 1934 Subject Company: Roanoke Electric Steel Corporation (CommissionFile No.0-2389)
Transaction Highlights
October20, 2005
Steel Dynamicsintends to file a registration statement on Form S-4, and Steel Dynamics and Roanoke intend to file a related proxy statement/prospectus, in connection with the merger transaction involving Steel Dynamics and Roanoke. Investors and security holdersare urged to read the registration statement on Form S-4 and the related proxy statement/prospectus when they become available because they will contain important information about the merger transaction. Investors and security holders may obtainfree copies of these documents (when they are available) and other documents filed with the SEC at the SECs web site at www.sec.gov. In addition, investors and security holders may obtain free copies of the documents filed with the SEC bySteel Dynamics by contacting Steel Dynamics Investor Relations at (260)459-3553. Investors and security holders may obtain free copies of the documents filed with the SEC by Roanoke by contacting Roanoke Investor Relations at(540)342-1831.
Roanoke, Steel Dynamics and their directors and executive officers may be deemed to be participants inthe solicitation of proxies from the stockholders of Roanoke in connection with the merger transaction. Information regarding the special interests of these directors and executive officers in the merger transaction will be included in theregistration statement of Steel Dynamics and proxy statement/prospectus of Steel Dynamics and Roanoke described above. Additional information regarding the directors and executive officers of Steel Dynamics is also included in the Steel Dynamicsproxy statement for its 2005 Annual Meeting of Stockholders, which was filed with the SEC on April4, 2005. Additional information regarding the directors and executive officers of Roanoke is also included in Roanokes proxy statement forits 2005 Annual Meeting of Stockholders, which was filed with the SEC on December21, 2004. These documents are available free of charge at the SECs web site at www.sec.gov and from Investor Relations at Steel Dynamics and Roanoke asdescribed above.
2
Forward LookingStatements
This document contains predictive statements about future events, including statements related to thisacquisition, the planned closing thereof, and the potential future financial and other benefits to the company as a result of operating this or any other acquired facilities and selling the related products. These statements are intended to be madeas forward-looking, subject to many risks and uncertainties, within the safe harbor protections of the Private Securities Litigation Reform Act of 1995. Such predictive statements are not guarantees of future performance, and actualresults could differ materially from current expectations. The company does not assume any obligation to update these statements in a news release or otherwise should material facts or circumstances change in ways that would affect their accuracy.
The company refers you to a detailed explanation of the many factors and risks that may cause such predictive statements toturn out differently, as set forth in Steel Dynamics December31, 2004 Annual Report on Form 10-K under the Special Note Regarding Forward Looking Statements heading and in the section on Risk Factors, as well asin other reports which the company from time to time files with the Securities and Exchange Commission. These reports are available publicly on the SECs Web site, www.sec.gov and on the companys Web site, www.steeldynamics.com.
There are also customary uncertainties and conditions that could affect the timing and closing of this transaction.
3
Overview ofRoanoke Electric Steel
Steel of West Virginia
Huntington, WV
Billet Capacity 280 Ktpy Rolling Capacity 300 Ktpy
Roanoke Electric Steel
Roanoke, VA
Billet Capacity 750 Ktpy Rolling Capacity 425 Ktpy
Business Overview Product End Markets
Operations include two steel mini-mills and a variety of fabrication facilities as well as two scrap processing facilities Merchant Bar Construction, Steel Service Centers, OEMs, Other
Melt shop capacity of 1.03MM tons per year Rolling mill capacity of 0.73MM tons per year Specialty shapes Truck Trailer, Industrial LiftTrucks, Customers include service centers, joist manufacturers and OEMs Guardrail Posts, Other
Services the continentalU.S. with a concentration in an area from Maine to Florida and east of the Mississippi River Bar Joists and Rebar Construction 1,665 employees across eight locations Billets Steel Manufacturing
Roanoke Electric Steel
Roanoke Electric Steel Merchant Bar, Light Structural, Billets Roanoke, VA Shredded Products Corporation Scrap Shredding and Processing Montvale, VA and Rocky Mount, VA John W. Hancock Inc. Steel Joists Roanoke, VA Socar Inc. SteelJoists Florence, SC and Continental, OH Steel of West Virginia Inc. Sections, Beams, Merchant Fabricated Products Huntington, WV
Marshall Steel
Fabricated Truck Trailer Beams
Memphis, TN
Marshall Steel Socar, OH Socar, SC John W. Hancock Shredded Products Steel Mini-Mill Facilities Fabrication Facilities Scrap Facilities
4
FY04 RoanokeRevenue Breakdown
Revenue by Product
Billets 6%
Merchant Bar 38%
Specialty Shapes 32%
Bar Joists and Rebar 24%
End Markets
Steel Service Centers 30%
Construction 22%
Truck Trailer 12%
Industrial Lift Truck Mfg. 8%
Joist Mfg. 7%
OEM, Fabricators 7%
Steel Mfg. (Billets) 7%
Guardrail Posts 3%
Other 4%
5
Overview ofRoanokes Historical Financial Performance
Net Sales $MM
600 450 300 150 0
2001
2002 2003 2004 LTM as of 7/31/05
559
479
308
312 264
Net Income
$MM
45 25 5 -15
2001
2002 2003 2004 LTM as of 7/31/05
39
30
1
(3)
(6)
6
Overview ofRoanoke Electric Steel Products
Angles
Rounds Billets
Joists
Channels Flats
7
Overview ofSteel of West Virginia Products
Located in Huntington, West Virginia, this operation produces special shapes for a varietyof industries
Also produces merchant steel shapes including Wide Flange Beams, Standard Beams and Structural Channels
Products
Truck Trailer Crossmembers
Structural, load carrying components supporting the floor of the truck body ortrailer
Off Highway Components
Used in the fabrication of frames and frame weldments
Industrial Truck Masts
Significantly reduces manufacturing costs by reducing material weight and in-plant operations
Merchant Sections
Sold to steel service centers and distributors
Guardrail Posts
Structural posts used in the highway safety industry
Mining Materials
Includes rails and mine ties
8
Overview ofJoist and Shredded Products
Joist Products
Socar, Inc.
Long and short-span steel joists and joist girders
Custom configurations such as super long span joists, bowstring trusses, piggy-back trusses and other
John W. Hancock, Jr., Inc.
Open Web K-Series, Longspan
LH-Series, Deep Longspan DLH-Series joists
Shredded Products
Automobile shredding facility and scrap processing operation
Separation of ferrous and non-ferrous metals
Supplies Roanoke Electric Steel with almost all of the ferrous material as raw materials
Non-ferrous metals are sold to unrelated customers
9
RoanokeStrategic Fit
Overview of Strategic Fit by Business
Roanoke Electric Steel
Provides new product lines for Steel Dynamics
Complements Steel Dynamics existing SBQ operations
Provides a source of merchant bar products for the existing New Millennium joist operations
Steel of West Virginia
Expands Steel Dynamics product offering as it allows Steel Dynamics to enter new markets
Businesswill continue to operate as a standalone entity
Joist Operations
Provides additional penetration of standard and specialty joist markets
Significant market opportunity for Steel Dynamics
Consolidation of specialty joist production at Socar locations
Providesincreased production efficiency of other joist locations
Supply of merchant bar products from Roanoke mini-mill
Shredded Products
Vertical integration of steel making operations
10
TransactionOverview
Steel Dynamics has agreed to purchase Roanoke for 0.400 shares of Steel Dynamics stock and $9.75 in cash perRoanoke share
At SDIs closing price of $28.77 on 10/17/05,per share consideration to Roanoke is $21.26, a 14%premium
Total transaction value of $281MM(1) assuming Roanoke net debt of $41MM as of 7/31/05
Steel Dynamics will finance cash component with existing revolver
Potential annual synergy opportunities of $5 $15MM from elimination of duplicate corporate and other costs
Note:
(1)
Assumes net diluted equity value of $241MM as of 10/17/05
11
Overview ofCombined LTM(1) Sales
Combined LTM Sales of $2,910MM
Roanoke 19%
Steel Dynamics 81%
Note:
(1)
Last twelve months as of June30, 2005, for Steel Dynamics and July31, 2005, for Roanoke
12
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