Steel Dynamics ( STLD) agreed to buy Roanoke Electric ( RESC) for $237 million in cash and stock. Fort Wayne, Ind.-based Steel Dynamics will issue 0.4 share and $9.75 a share in cash for each share of Roanoke, Va.-based Roanoke Electric. At Monday's closing prices the deal is worth $21.26 a Roanoke share, a 13.7% premium. "This combination further diversifies SDI's product offering, provides additional penetration of the joist, truss and girder markets and provides SDI with its first foray into the processed raw materials arena," said Steel Dynamics chief Keith Busse. "The combination will enable us to broaden our geographic presence and strengthen our relationships with customers. We plan to invest $50 - $80 million to improve and upgrade Roanoke's facilities after the transaction closes." Early Tuesday, Steel Dynamics was flat at $28.77 and Roanoke was halted at $18.69.