BUTLER, INDIANA — July 23, 1997 — Steel Dynamics, Inc.
(NASDAQ: STLD) announced today it has filed a registration statement
with the Securities and Exchange Commission to sell 8.4 million shares
of common stock. Approximately 1.3 million shares are being sold by the
Company and 7.1 million shares are being sold by selling shareholders.
The net proceeds to SDI from its share of the offering are estimated to
be $31.2 million (assuming an offering price of $26.375 per share).
Steel Dynamics intends to use its net proceeds for capital
expenditures, including the addition of a seventh rolling mill stand to
the Company’s hot strip mill, and for general corporate purposes.
Pending such use, the Company expects to pay down its revolving credit
obligations or invest these funds in short-term securities.
The offering is being managed by Morgan Stanley Dean Witter, co-lead
managed by PaineWebber, Incorporated and co-managed by Donaldson, Lufkin
& Jenrette Securities Corporation, McDonald & Company
Securities, Inc. and Salomon Brothers, Inc.
Steel Dynamics, Inc. is now providing a broad range of flat-rolled
steel products to the market, including light gauge micro-alloyed and
high strength steels for demanding automotive applications. |