Released on May 8, 2008

OmniSource Corp., a wholly-owned subsidiary of carbon steel producer Steel Dynamics, Fort Wayne, Ind., has entered into an agreement to acquire the entirety of joint venture (JV) Recycle South LLC, Spartanburg, S.C.

OmniSource currently owns 25% of Recycle South, which was formed through the merger of Carolinas Recycling Group and Atlantic Scrap and Processing in August 2007. According to the agreement, OmniSource will purchase the full equity interests in the JV in a transaction valued at approximately $500 million.

Recycle South employs 600 in 19 locations throughout North Carolina, South Carolina, and Georgia. The company will operate as a division of OmniSource and will be called OmniSource Southeast. As part of OmniSource, all current management will remain in place and will continue to focus on ferrous and nonferrous scrap processing, brokerage and industrial scrap management.

“This transaction expands our recycled metals business platform created by the acquisition of OmniSource in October 2007,” said Keith Busse, chairman and CEO of Steel Dynamics. “The additional capacity of the Recycle South operations brings our company’s total annual ferrous scrap processing capacity to approximately seven million tons.”