FORT WAYNE, INDIANA — October 3, 2000 — Steel Dynamics, Inc. (NASDAQ: STLD).
Steel Dynamics has been informed by the Indiana Department of
Environmental Management that on September 29, 2000, IDEM issued for
public comment a revised air permit for the proposed SDI structural
steel mill in Whitley County, Indiana. The revisions deal with the
three issues remanded to IDEM for further consideration by the U.S.
Environmental Appeals Board on June 23, 2000. IDEM representatives
worked with the U.S. EPA to address the Appeals Board’s concerns.
Dick Teets, Vice-President and General Manager of SDI’s Structural
Steel Division, stated, “We are happy the process is moving forward
toward approval of what we believe will not only be one of the best and
most environmentally friendly steel mills in the country but an economic
boon for Northeastern Indiana. It is frustrating that the legal
challenges have caused a delay of at least 18 months in our construction
timetable, but we can now expect that the final permit will be issued
well before year-end. We have completed site preparation and are ready
to proceed with construction as soon as we get the green light.” With a
planned annual production capacity of over a million tons of steel, the
proposed mill will produce structural shapes, such as I-beams, and rail
from recycled steel scrap.
For a 30-day period the re-issued draft permit will be available for
public review and comment. At the end of October, IDEM will conduct a
hearing in Whitley County for public comment, limited to the three
remanded issues, to determine whether any additional modifications are
necessary.
Steel Dynamics plans to release its third quarter financial results,
which will be adversely affected by a slowdown in demand for flat-rolled
steel and by declining market prices, on October 19, 2000. The company
expects third quarter earnings to match or slightly exceed last year’s
third quarter results, but to decline significantly from the record
setting second quarter.
Forward Looking Statements
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