Wednesday, May 16, 2018 1:00 am
SDI to buy flat-roll steel plant
Staff, news services
Steel Dynamics Inc. has reached a definitive agreement to acquire Companhia Siderurgica Nactional LLC from CSN Steel for $400 million. The cash deal is expected to close before Sept. 30.
The Terre Haute plant, known as Heartland, produces higher-margin, flat-roll steel in numerous variations. About 220 employees work there.
Mark Millett, Steel Dynamics' CEO, described the purchase as another step in the Fort Wayne-based steelmaker's growth strategy. Adding Heartland will diversify Steel Dynamics' product mix and market, he added in a statement released late Monday.
Coldwell Banker, local firm merge
Coldwell Banker The Real Estate Group announced a merger Tuesday with Coldwell Banker Roth Wehrly Graber, adding 14 offices throughout northern Indiana and southwest Michigan to its footprint.
Coldwell Banker Roth Wehrly Graber is a third-generation family-run company headquartered in Fort Wayne. It will take on the Coldwell Banker The Real Estate Group name.
“We are thrilled to join forces with Coldwell Banker The Real Estate Group and grow something bigger and better,” says Patrick Maloblocki, who will remain managing broker and vice president of sales in Indiana. John Bellio will continue to serve as vice president of regional development.
WTO hits EU over subsidies to Airbus
The World Trade Organization's appellate body has ruled that the European Union is continuing to provide illegal subsidies to plane-maker Airbus.
The WTO decision on the latest in a string of tussles between Europe's Airbus and U.S. rival Boeing comes as the Trump administration has exerted intense pressure on the Geneva-based organization over what the president alleges is its “unfair” treatment of the United States.
The appellate body maintained a ruling by the WTO's compliance panel that EU “launch aid” provided to Airbus resulted in lost sales for Boeing in the twin-aisle and very-large aircraft markets.
Gap apologizes for China T-shirt error
The U.S. clothing retailer Gap apologized Tuesday for selling T-shirts with a map of China that didn't include self-ruled Taiwan, the latest example of corporate kowtowing to Beijing.
“Upon the realization that one of our T-shirts sold in some overseas markets mistakenly failed to reflect the correct map of China, we urgently launched an internal investigation across the group and have decided to immediately pull back this T-shirt from all the concerned global markets,” the company said in a statement, adding the shirts had been pulled from Chinese shelves.