Schuff International Inc, a family of companies providing fully integrated steel construction services, announced it has repurchased approximately 5.6 million shares of its common stock from its majority stockholders, Plainfield Direct LLC and DE Shaw group, at a negotiated price of USD 13.25 per share.

As a result of the transaction, Plainfield and Shaw no longer hold any shares of common stock of Schuff International.

Schuff International also announced that Mr Marc Sole designee of Plainfield and Mr Seth Charnow of Shaw will leave the company's board of directors, effective immediately.

Mr Scott A Schuff president & CEO of Schuff International said “By completing this transaction, we are taking advantage of a unique opportunity to enhance stockholder value while demonstrating confidence in the long-term outlook for our business.”

Schuff International repurchased the shares using a combination of cash on hand, borrowing through its existing USD 50 million senior credit facility with Wells Fargo, a USD 30 million term loan and a USD 1.4 million unsecured loan from Mr Scott A Schuff.

Schuff Internationa and its family of steel companies is the largest steel fabrication and erection company in the United States. The 35 year old company executes projects throughout the country as well as internationally.