Steel Technologies shareholders approve Mitsui merger

By Lisa Kerner

Charlotte, N.C., May 30 - Steel Technologies Inc.'s shareholders approved the company's proposed merger with Mitsui & Co. (USA), Inc., a wholly owned subsidiary of Mitsui & Co., Ltd., at a special meeting on May 30.

Under the companies' definitive agreement, Steel Technologies' shareholders will receive $30 per share in an all-cash transaction.

Completion of the merger remains subject to approval from Mexican regulatory authorities, which is expected within the next week, according to a company news release.

The Federal Trade Commission already granted early termination of the Hart-Scott-Rodino waiting period in the pending merger.

Steel Technologies is a Louisville, Ky., steel processing company.

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