Steel News

Siemens to Upgrade Bar Mills in the U.S. and Mexico

05 December 2007 - Siemens Metals Technologies will upgrade bar mills at Steel Dynamics’ Pittsboro, Ind., facility and at Talleres y Aceros SA de CV in Ixtaczoquitlán, Mexico.

Steel Dynamics Completes Purchase of Minnesota Iron Mine

04 December 2007 - Steel Dynamics completes its purchase of a shuttered Hoyt Lakes, Minn., taconite mine from Cleveland Cliffs where it will invest $165 million so it can mine and concentrate iron ore for its Mesabi Nugget venture with Kobe Steel.

EPA, Steel Dynamics Reach Agreement on Clean-Air Violations

02 November 2007 - U.S. EPA Region 5 reaches an agreement with Steel Dynamics on alleged clean-air violations at the company's Butler facility.

Steel Dynamics Completes OmniSource Acquisition

29 October 2007 - Steel Dynamics completes its acquisition of OmniSource for approximately $1.1 billion, including $425 million in cash, 9.7 million shares of SDI common stock, and the assumption of approximately $220 million of debt, which was repaid on closing.

Siemens to Supply 4-Strand Billet/Bloom Caster for Steel Dynamics

18 October 2007 - Steel Dynamics contracts Siemens to engineer and manufacture a new 4-strand billet/bloom casting machine for its Structural and Rail Division in Columbia City, Ind.

Steel Dynamics Reports 3rd Quarter Earnings

17 October 2007 - Steel Dynamics announces earnings of $101 million on revenues of $1.2 billion for the third quarter and net income of $297 million on revenues of $2.9 billion for the first nine months of 2007.

Steel Dynamics Announces Completion of Notes Offering

15 October 2007 - Steel Dynamics consummates an unsecured note offering, proceeds of which would be used to support the company's planned acquisition of OmniSource.

Steel Dynamics Announces Offering of Notes

05 October 2007 - Steel Dynamics plans to sell approximately $500 million in aggregate principal amount of debt securities in a transaction exempt from the registration requirements of the Securities Act of 1933.

Steel Dynamics to Acquire OmniSource

02 October 2007 - Steel Dynamics enters a definitive agreement to acquire OmniSource, one of North America’s largest scrap recycling companies, in a transaction valued at slightly more than $1 billion.

Steel Dynamics Moves Forward on Minnesota Iron-Making Venture

21 September 2007 - Steel Dynamics moves forward with the Mesabi Nugget iron-making project at Hoyt Lakes, with the State of Minnesota helping to support project financing.

Steel Dynamics Adds Term Loan A Facility

12 September 2007 - Steel Dynamics amends its existing $750-million senior secured credit facility to allow for the addition of a $550-million term loan A facility. 

Steel Dynamics Updates Third Quarter Earnings Guidance

31 August 2007 - Steel Dynamics says third-quarter earnings could be in an updated range of $1.02 to $1.07 per diluted share, but says its near-term market assessment remains relatively unchanged from its most recent news release in July.

Steel Dynamics to Expand Structural Capacity with New Caster at Columbia City

01 August 2007 - Steel Dynamics’ Board of Directors has approved an additional investment of $75 million to install a second caster at its Structural and Rail Division at Columbia City, Ind., complementing the second medium section mill that is currently under construction.

Steel Dynamics Reports Second Quarter Results

24 July 2007 - Steel Dynamics reports earnings of $94 million on net sales of $911 million for the second quarter, and net income of $196 million on net sales of $1.8 billion for the first half of 2007.

Steel Dynamics Ships First Order of Welded Rail

17 July 2007 - Steel Dynamics makes its first shipments of welded rails from the recently completed rail welding operation at Columbia City, Ind.

Steel Dynamics Completes Acquisition of The Techs

05 July 2007 - Steel Dynamics completes its acquisition of The Techs for approximately $370 million, including certain purchase-price adjustments made at closing.

Steel Dynamics Increases Share Repurchase Program

02 July 2007 - Steel Dynamics’ Board of Directors approves a 5-million-share increase to its existing share repurchase program.

Steel Dynamics Announces Increased Revolving Credit Facility

20 June 2007 - Steel Dynamics has amended, restated and expanded its senior secured revolving credit facility from the prior $350-million level to a renewed 5-year $750-million facility.

Steel Dynamics to Acquire The Techs

14 June 2007 - Steel Dynamics enters into a definitive agreement to acquire Pennsylvania-based The Techs, paying $360 million for the company on a cash-free debt-free basis, subject to certain adjustments.

Steel Dynamics Affirms Healthy Earnings Outlook

30 May 2007 - Steel Dynamics says it expects to report second quarter earnings in the range of $0.95 to $1.00 per diluted share, based on strong market conditions for structural steels and steel bars tempered by weaker-than-projected volumes and pricing for flat rolled steel.