Steel Technologies Announces Sale of Over-Allotment Shares
04/01/2004 -
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Steel Technologies
Announces
Sale of Over-Allotment Shares
April 1, 2004 — Steel Technologies Inc. announced that, in connection with the company's recent 2,700,000-share public offering of common stock at a price of $17.25 per share, the underwriters have exercised their option in full to purchase 405,000 additional shares to cover over-allotments.
The additional shares, sold by Steel Technologies, increase the net proceeds to the company to approximately $47.3 million.
CIBC World Markets, McDonald Investments Inc., SunTrust Robinson Humphrey, and BB&T Capital Markets served as underwriters for the offering.
Steel Technologies processes flat-rolled steel to specific thickness, width, temper, finish and shape requirements for a wide variety of applications. The company has 21 facilities, including its joint-venture operations, located throughout the United States and Mexico.
