BUTLER, INDIANA — July 10, 1997 — Steel Dynamics, Inc.
(NASDAQ: STLD) today announced consolidated earnings for the second
quarter of 1997 of $15.6 million or $.33 per share. Operating profit
(pretax income before interest and start-up costs) was $21.3 million or
$72 per ton. Sales for the second quarter were $102.7 million on
shipments of 295,300 tons. Start-up costs of the Cold Mill Project and
Iron Dynamics, Inc. (“IDI”) were $1.8 million in the quarter. Steel
production was 292,300 tons compared to 213,400 tons in the year-earlier
quarter.
Keith Busse, SDI’s CEO said, “We are proud to have delivered another
fine performance for our shareholders. These results reflect the
continuing efforts of our team to be the low-cost, high-quality producer
in our industry.”
For the first six months of 1997, SDI earned $30.2 million, or $.63
per share on sales of $200.8 million and shipments of 575,700 tons.
Start-up costs for the same period were $3.2 million. Production was
567,300 tons compared to 341,300 in the first six months of 1996.
Construction on the Cold Mill Project (including new galvanizing
capacity) is proceeding ahead of schedule and within the budget. A
successful start-up of the new continuous pickle line has commenced on
schedule and one of the two galvanizing lines is scheduled for
commissioning in the third quarter of this year. The other cold mill
operating units are scheduled to start-up before the end of 1997. The
Second Caster Project (including additional melting capacity) is
proceeding well with all of the significant equipment now on order.
Groundbreaking for this project occurred in June of this year and
production is expected to begin in the second quarter of 1998. The
Company’s wholly-owned subsidiary, IDI, is proceeding as planned with
regard to the development and construction of a scrap substitute
facility. Groundbreaking is anticipated to occur in July of this year
with a construction schedule of approximately fourteen months.
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. |