FORT
WAYNE, Ind., July 3, 2024
/PRNewswire/ -- Steel Dynamics, Inc. (NASDAQ/GS:
STLD) announced today that it has consummated the sale of
$600 million aggregate principal
amount of 5.375% Notes due 2034 (the "Notes"). The net proceeds
from the Notes will be used for general corporate purposes, which
may include repayment of the company's $400
million 2.800% Senior Notes due December 2024.
"We are pleased with the execution and support for our
investment grade note offering," stated Theresa E. Wagler, Executive Vice President and
Chief Financial Officer. "This transaction is an important part of
our long-term strategy to provide a strong capital foundation in
support of our teams, customers, shareholders, and our continued
growth. We remain committed to maintaining our investment grade
credit ratings, which we believe provide lower-cost and longer-term
capital, allowing for long-term strength, optionality, and value
creation opportunities."
This announcement is neither an offer to sell nor a solicitation
of an offer to buy the Notes or any other securities, and shall not
constitute an offer, solicitation or sale of any securities in any
jurisdiction in which such offer, solicitation or sale would be
unlawful.
J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, BofA
Securities, Inc., Wells Fargo Securities, LLC, Goldman Sachs &
Co. LLC, and PNC Capital Markets LLC are acting as joint
book-running managers for the offering of the Notes.
About Steel Dynamics, Inc.
Steel Dynamics is one of
the largest domestic steel producers and metals recyclers in
North America, based on estimated
annual steelmaking and metals recycling capability, with facilities
located throughout the United
States, and in Mexico.
Steel Dynamics produces steel products, including hot roll, cold
roll, and coated sheet steel, structural steel beams and shapes,
rail, engineered special-bar-quality steel, cold finished steel,
merchant bar products, specialty steel sections, and steel joists
and deck. In addition, the company produces liquid pig iron and
processes and sells ferrous and nonferrous scrap.
Forward-Looking Statements
This press release contains
some predictive statements about future events, including
statements related to conditions in domestic or global economies,
conditions in steel, aluminum, and recycled metals market places,
our revenues, costs of purchased materials, future profitability
and earnings, and the operation of new, existing or planned
facilities and decarbonization goals and sustainability efforts.
These statements, which we generally precede or accompany by such
typical conditional words as "anticipate", "intend", "believe",
"estimate", "plan", "seek", "project", or "expect", or by the words
"may", "will", or "should", are intended to be made as
"forward-looking", subject to many risks and uncertainties, within
the safe harbor protections of the Private Securities Litigation
Reform Act of 1995. These statements speak only as of this date and
are based upon information and assumptions, which we consider
reasonable as of this date, concerning our businesses and the
environments in which they operate. Such predictive statements are
not guarantees of future performance, and we undertake no duty to
update or revise any such statements. Some factors that could cause
such forward-looking statements to turn out differently than
anticipated include: (1) domestic and global economic factors; (2)
global steelmaking overcapacity and imports of steel, together with
increased scrap prices; (3) pandemics, epidemics, widespread
illness or other health issues; (4) the cyclical nature of the
steel industry and the industries we serve; (5) volatility and
major fluctuations in prices and availability of scrap metal, scrap
substitutes and supplies, and our potential inability to pass
higher costs on to our customers; (6) cost and availability of
electricity, natural gas, oil, and other energy resources are
subject to volatile market conditions; (7) increased environmental,
greenhouse gas emissions and sustainability considerations from our
customers or related regulations; (8) compliance with and changes
in environmental and remediation requirements; (9) significant
price and other forms of competition from other steel and aluminum
producers, scrap processors and alternative materials; (10)
availability of an adequate source of supply of scrap for our
metals recycling operations; (11) cybersecurity threats and risks
to the security of our sensitive data and information technology;
(12) the implementation of our growth strategy; (13) litigation and
legal compliance; (14) unexpected equipment downtime or shutdowns;
(15) governmental agencies may refuse to grant or renew some of our
licenses and permits required to operate our business; (16) our
senior unsecured credit facility contains, and any future financing
agreements may contain, restrictive covenants that may limit our
flexibility; and (17) the impacts of impairment charges.
More specifically, we refer you to our more detailed explanation
of these and other factors and risks that may cause such predictive
statements to turn out differently, as set forth in our most recent
Annual Report on Form 10-K under the headings Special Note
Regarding Forward-Looking Statements and Risk Factors, in our
Quarterly Reports on Form 10-Q, or in other reports which we file
with the Securities and Exchange Commission. These reports are
available publicly on the Securities and Exchange Commission
website, www.sec.gov, and on our
website, www.steeldynamics.com under "Investors – SEC
Filings."
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SOURCE Steel Dynamics, Inc.