FORT WAYNE, INDIANA – March 8, 2000 – Steel Dynamics, Inc.
(NASDAQ STLD) today announced that its employees have received an
average Profit Sharing Plan contribution per employee of $5,500, based
on the Company’s solid operating performance in 1999. Cumulative Company
contributions to the Profit Sharing Plan since its inception in 1996
average $20,700 per employee, or $9.8 million in total.
In addition to the Profit Sharing Plan, all Steel Dynamics’ employees
receive stock options in the Company twice each year. Excluding
officers, average compensation of SDI employees in 1999 was $ 60,800, a
large component of which is incentive compensation based on the quantity
and quality of steel produced.
Keith E. Busse, Steel Dynamics’ President and CEO, remarked, “I am
pleased to announce this fitting reward for our dedicated employees,
whose hard work made 1999 a successful year. While market conditions and
selling prices slowed our profit growth in the first quarter of the
year, we regained our momentum as the year went on.” As previously
reported, SDI’s sales in 1999 were up 20%, reaching $619 million, and
earnings per share was up 26% to $.82 versus $.65 per share a year
earlier.
Since beginning operations 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 |