BUTLER, INDIANA — May 23, 1997 — Steel Dynamics, Inc.
(NASDAQ symbol: STLD) today announced that its Board of Directors, at
its meeting on May 21 following the Company’s Annual Shareholders
Meeting, authorized the Company to proceed with engineering and market
studies as well as other preliminary matters appropriate to build a
structural steel mini-mill.
The location of the greenfield plant is targeted for the upper
Midwest, with the current principal focus on Ohio, Indiana and Michigan.
The expected product offering will include a broad range of structural
products dedicated to the construction market. This facility is
anticipated to have an annual capacity of between 500,000 and 1,000,000
tons, cost between $200 million and $250 million and employ as many as
300 people. The company expects such a project would act as a magnet for
other associated investments.
Keith E. Busse, President and CEO of SDI expressed the belief that
SDI’s low cost philosophy and cutting edge production technologies could
be as effectively employed in producing low-cost, high-quality
structural steel as it has been in producing its low-cost, high-quality
flat-rolled products.
Steel Dynamics, Inc. is now providing a broad range of flat-rolled
products to the market, including light gauge micro-alloyed and high
strength steels for demanding automotive applications. |