FORT WAYNE, INDIANA — January 17, 2000. Steel Dynamics, Inc.
(NASDAQ STLD) has been notified that Standard & Poor’s added Steel
Dynamics’ common stock to the S&P SmallCap 600 Index effective after
the close of trading January 13, 2000. Steel Dynamics’ stock has been
traded on the NASDAQ National Market since the Company’s initial public
offering in November 1996.
The S&P SmallCap 600 is an index of 600 companies representing a
cross section of U.S. industries. “SmallCap” refers to small
capitalization, companies with lower market values (stock price times
number of shares outstanding) than companies included within Standard
& Poor’s MidCap 400 and the more widely known S&P 500 of large
cap stocks. At the close of trading on January 14, 2000, Steel Dynamics’
market value was $857 million.
According to S&P, in adding companies to an index, Standard &
Poor’s index committee “looks at the company’s market value, industry
group classification, capitalization, trading activity, financial and
operating condition before making a decision to list it.” Approximately
$8 billion in index fund assets is indexed to the S&P SmallCap 600
index.
Tracy Shellabarger, Vice President and Chief Financial Officer of
Steel Dynamics, stated, “We are pleased to be added to this widely
followed index. As a growing player in the steel industry, we are happy
to be included in the index’s iron and steel industry group. We expect
the addition of Steel Dynamics’ stock to this major index to give SDI
greater visibility in the financial markets.”
Since beginning operations early in 1996, Steel Dynamics has grown
quickly as a profitable independent domestic steel producer. SDI
currently produces a broad range of flat-rolled steel products,
including light gauge, micro-alloyed and high-strength steels for
demanding automotive applications. The Company has previously announced
plans to expand its product base to include structural steel, rail and,
through a joint venture, steel building systems. |