FORT WAYNE, Ind., Feb. 2, 2017 /PRNewswire/ -- Steel Dynamics,
Inc. (NASDAQ/GS: STLD) recently awarded the contract for an
expansion at its Roanoke Bar Division, located in Roanoke, Virginia to SMS group. The upgrade is
to integrate a new reheating furnace and a new finishing area into
the facility. With this $28 million
investment, the Roanoke Bar Division plans to utilize its existing
excess melting and casting capability to increase rolling capacity
from the current 500,000 tons to over 600,000 tons per year.
"With the addition of this equipment which allows for
multi-strand slitting and rebar finishing, we expect the added
product diversification and our existing highly competitive cost
structure to allow us to quickly grow market share. Additionally,
we will be one of the largest independent rebar suppliers without
our own rebar fabricating business, which we believe will be a
positive for our new customer base," said Joe Crawford, Vice President and Roanoke Bar
Division General Manager.
The supply package is comprised of a pusher-type high capacity
reheating furnace designed to process 140 tons of billets per hour.
The plan is to roll the billets into light sections and reinforcing
bars from sizes #4 to #11, as well as corresponding round bars. The
objective of the new reheating furnace is not only to increase
productivity but also to significantly improve energy efficiency,
with the adoption of a smart combustion management
system.
After the upgrade, the Roanoke Bar Division expects to increase
production of rebar to over 200,000 tons per year. Commissioning is
expected to commence at the end of 2017.
About Steel Dynamics, Inc.
Steel Dynamics, Inc.
is one of the largest domestic steel producers and metals recyclers
in the United States based on
estimated annual steelmaking and metals recycling capability, with
facilities located throughout the United
States and in Mexico. Steel
Dynamics produces steel products, including hot roll, cold roll,
and coated sheet steel, structural steel beams and shapes, rail,
engineered special-bar-quality steel, cold finished steel, merchant
bar products, specialty steel sections and steel joists and deck.
In addition, the company produces liquid pig iron and processes and
sells ferrous and nonferrous scrap.
Forward-Looking Statements
This press release contains
some predictive statements about future events, which may include
statements related to conditions in the steel market and Steel
Dynamics' operation of new or existing facilities. These
statements, which we generally precede or accompany by such typical
conditional words as "anticipate," "intend," "believe," "estimate,"
"plan," "seek," "project" or "expect," or by the words "may,"
"will," or "should," are intended to be made as "forward-looking,"
subject to many risks and uncertainties, within the safe harbor
protections of the Private Securities Litigation Reform Act of
1995. These statements speak only as of this date and are based
upon information and assumptions, which we consider reasonable as
of this date, concerning our businesses and the environments in
which they operate. Such predictive statements are not guarantees
of future performance, and we undertake no duty to update or revise
any such statements. Some factors that could cause such
forward-looking statements to turn out differently than anticipated
include: (1) the effects of uncertain economic conditions;
(2) cyclical and changing industrial demand; (3) changes
in conditions in any of the steel or scrap-consuming sectors of the
economy which affect demand for particular products, including the
strength of the non-residential and residential construction,
automotive, appliance, pipe and tube, and other steel-consuming
industries; (4) fluctuations in the cost of key raw materials
(including steel scrap, iron units, and energy costs) and our
ability to pass-on any cost increases; (5) the impact of
domestic and foreign import price competition;
(6) unanticipated difficulties in integrating or starting up
new or acquired businesses; (7) risks and uncertainties
involving product and/or technology development; and
(8) occurrences of unexpected plant outages or equipment
failures.
More specifically, we refer you to Steel Dynamics' more detailed
explanation of these and other factors and risks that may
cause such predictive statements to turn out differently, as set
forth in our most recent Annual Report on Form 10-K under the
headings Special Note Regarding Forward-Looking Statements
and Risk Factors, in our quarterly reports on Form 10-Q
or in other reports which we from time to time file with the
Securities and Exchange Commission. These are available publicly on
the SEC website, www.sec.gov, and on the Steel Dynamics website,
www.steeldynamics.com.
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SOURCE Steel Dynamics, Inc.