Steel Dynamics To Settle Antitrust Lawsuit For $4.6 Mln - Quick Facts

(RTTNews) - Steel Dynamics, Inc. (STLD) said it has entered into an agreement to settle the direct purchaser class action litigation, Standard Iron Works v. Arcelor Mittal, et al, for $4.6 million.

The antitrust 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.

Mark Millett, President and Chief Executive Officer said, "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. We maintained at all times that the lawsuit was without merit and that we did not conspire to limit steel production."