FORT WAYNE, Ind., July 5, 2017 /PRNewswire/ -- Steel Dynamics,
Inc. (NASDAQ/GS: STLD) today announced the expansion of its
Structural and Rail Division located in Columbia City, Indiana. The $75 million expansion will utilize excess melting
and casting capability and further diversify its product portfolio
and market sector exposure.
This project provides for the annual production of 240,000 tons
of reinforcing bar in various sizes with product sales including
coiled, custom cut-to-length and smooth bars in sizes from #3 to #8
reinforcing bars. The size offerings represent approximately
70% of 2016 total domestic reinforcing bar consumption. Upon
completion, the expansion is expected to add approximately 33 local
jobs.
"We are excited to announce this growth initiative," said
Mark D. Millett, President and Chief
Executive Officer. "This investment will further expand our
Structural and Rail Division's product offerings and capability in
a very capital efficient manner. Additionally, we will be the
largest independent rebar supplier in the region, not competing
with our new customer base, which we believe will be received
positively. We believe our intended business model could
provide meaningful time and yield-loss savings for the customer,
while also providing working capital benefits. This project
complements the recently announced addition of 200,000 tons of
reinforcing bar capacity at our Roanoke Bar Division, which is
expected to begin operating at the end of 2017."
The project entails the addition of a rolling mill, supported by
certain other equipment and infrastructure requirements.
Subject to the anticipated receipt of necessary permits, which the
company expects to be forthcoming in short order, and the receipt
of state and local government support, the project is scheduled to
be completed during the fourth quarter 2018.
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, including statements related to conditions in the
steel and metallic scrap markets, Steel Dynamics' revenues, costs
of purchased materials, future profitability and earnings, and the
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 our 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: Investors: SEC Filings.
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SOURCE Steel Dynamics, Inc.