FORT WAYNE, INDIANA—November 29, 1999—Steel Dynamics, Inc. (NASDAQ STLD)
announced today that it has placed orders for building and equipment
expansions to produce long rail products at its new structural mill to
be built in Whitley County, Indiana. The Company plans to produce head
hardened rails for railroad use in lengths up to 330 feet.
SMS Demag, supplier of the new mill’s rolling mill equipment, has
been given an order to incorporate equipment changes to process these
products. Engineering for the building and cooling bed expansions to
accommodate rail production is complete, and building steel has been
ordered. SDI will incorporate various rail handling and head hardening
equipment in the finishing area of the rolling mill.
The company anticipates the addition of rail manufacturing capability
could add between 250,000 and 500,000 tons of standard and premium
rails to its complement of approximately 900,000 tons of beams, angles,
channels, h-piling, and other products expected to be produced annually
in the Whitley County facility. The plant’s original production
capability of one million tons per year is expected to be only
moderately increased as a result of this product addition.
Preliminary work is currently being performed at the Whitley County
building site. The Company anticipates that the appeal of its air permit
by project opponents will be resolved in the near future in SDI’s
favor, with construction starting immediately thereafter. The new plant
is expected to begin steel production approximately 13 months later.
Steel Dynamics, Inc. currently provides a broad range of flat-rolled
steel products to the market, including light gauge, micro-alloyed and
high-strength steels for demanding automotive applications. |